Existing-home sales tick higher as affordability shows rare relief

Existing-home sales in the U.S. rose 1.7% in February to an annual rate of 4.09 million, aided by slightly lower mortgage rates and modest price easing. Inventory increased 4.9% year-over-year but remained low at 3.8 months' supply, favoring sellers. The median home price was $398,000, up 0.3% annually. Affordability improved, yet demand stayed muted despite wage growth and job gains. Regional sales varied, with the West seeing an 8.2% rise and the Northeast a 6% decline.