Home prices and sales soared in February, but as concerns about the economy and the health risks of COVID-19 spread, the solid market will struggle in the coming months.
Home listings plunged almost 27%, the largest decline in almost seven years. Few homes on the market helped boost prices vs. a year ago.
Home prices increased at the largest pace in almost six years in December, helped by a dramatic decline in homes on the market in California.
Active listings dropped for the fifth straight month, forcing buyers to pay more with the slumping supply and the surging demand.
Fewer homes and higher prices were more important than record-low mortgage rates in October, as sales were stagnant.