US Existing-Home Sales Rise, Helped by Decline in Mortgage Rates

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00:00That's a bit of unexpected good news, Matt and Danny, because we were thinking that we were going to get

00:04a decline again.

00:07Instead, they've revised up the month of January to 4.02 million.

00:12And now February number comes in at 4.09.

00:16That's a 1.7 percent increase.

00:18And when we look at the breakdown of that, you saw a 2.5 percent increase in single family home

00:25sales, which is kind of the way people judge things.

00:28Condos and co-ops down by 5.3 percent.

00:31But those are very volatile numbers on the multifamily side.

00:36But the important thing about this is that this came at a time when mortgage rates were still well over

00:416 percent because these represent closings on contracts that were signed a couple of months ago.

00:48And so at this point, what you're looking at is some better than expected results, even with higher mortgage rates.

00:56And now mortgage rates have dropped.

00:57And so maybe that means a little more good news going forward in the future.

01:01But we're still fairly far down.

01:04So we're still about to get a little bit of a little bit of a little bit of a little

01:04bit of a little bit of a little bit of a little bit of a little bit of a little