Economic Update

Existing Home Sales Turn Downward Existing home sales fell 3.7 percent in February, landing at a seasonally adjusted annual rate of 5.48 million and following a 10-year high the month prior, the National Association of Realtors said yesterday. The increase was attributed to weakening inventory and affordability conditions. Sales were up 5.4 percent from a year prior, NAR said. 




FHFA Index: Home Prices Hold Steady
U.S. home prices were unchanged in January, according to the Federal Housing Finance Agency's House Price Index released yesterday. January's stagnancy followed a 0.4 percent rise the month prior. Year on year, prices were up 5.7 percent. The FHFA's monthly index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac. 

--ABA Daily Newsbytes