• Existing home sales surged 11.8 percent in February from January, to 5.51 million sales (SAAR) – the largest figure reported by the National Association of Realtors since March 2018. Sales remained down 1.8 percent from a year ago.
• Inventory at the end of February increased to 1.63 million, up 2.5 percent from January and 3.2 percent from a year ago.
• The median (non-seasonally adjusted) price of existing homes sold in February was $249,500, up 3.6 percent from a year earlier.

After a frigid start to the year, the spring thaw looks to be setting in on the market for existing homes. January’s figures were disappointing, but many took solace in the fact that much of the lackluster activity was likely attributable to poor winter weather, uncertainty surrounding the government shutdown and still-high mortgage rates.

Would-be buyers clearly moved past these constraints and confidently stepped into the market across three of four regions reported on Friday. Single-family sales drove the gains, up 13.3 percent from January. With mortgage rates remaining low and inventory continuing to creep up, it’s likely that this newfound zeal will carry into the busy spring season, even as home values continue to grow.