CHICAGO, March 21 (Xinhua) -- U.S. existing-home sales rallied in February, recording a 3-percent increase after two straight months of declines, the National Association of Realtors (NAR) said on Wednesday.
Sizeable sales increases in the South and West offset declines in the Northeast and Midwest amid consistently low inventories and faster price growth, NAR added.
Total existing-home sales, which are completed transactions that include single-family homes, town-homes, condominiums and co-ops, grew 3 percent to a seasonally adjusted annual rate of 5.54 million in February from 5.38 million in January.
"The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018," said Lawrence Yun, NAR's chief economist.
But he admitted that affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.
According to NAR data, the median existing-home price for all housing types in February was 241,700 U.S. dollars, up 5.9 percent from 228,200 dollars in February 2017.
February's price increase marks the 72nd straight month of year-over-year gains.
