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February home sales see small rebound, but supply growth is ‘sluggish’

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February home sales see small rebound, but supply growth is ‘sluggish’


Home sales made a small gain to start the year, but higher mortgage rates now could throw cold water on the spring season.

Existing home sales in February rose 1.7% from January to a seasonally adjusted, annualized rate of 4.09 million units, according to the National Association of Realtors. Sales were down 1.4% from February of last year.

This count represents closed sales, so deals were likely inked in December and January, when mortgage rates fell a bit and stayed solidly in a low range near 6% on the 30-year-fixed mortgage. Rates were about a full percentage point higher the year before.

“Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains,” Lawrence Yun, chief economist for the Realtors, said in a release. “Wage growth is now outpacing home price growth by almost four percentage points. Mortgage rates are also measurably lower compared to a year ago.”

Yun also noted that there are over 6 million more jobs now than there were in 2019, yet home sales per year are down by 1 million.

Lower mortgage rates helped improve affordability slightly, but low inventory is still a significant headwind. There were 1.29 million units for sale at the end of February, an increase of 2.4% from January and 4.9% from February 2025. At the current sales pace, that is a 3.8-month supply, unchanged from January. A six-month supply is considered a balanced market between buyer and seller.

More sellers who delisted their homes last fall, due to slower sales and weak consumer confidence, are relisting their homes now, according to Redfin, a real estate brokerage. Nearly 45,000 homes that were delisted last year were relisted for sale in January. That is the highest January figure since Redfin began tracking this metric a decade ago and represents a record 3.6% of homes that were on the market in January.

“Inventory is growing, but sluggishly,” Yun said. “If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise. That is why increasing supply is so important to help limit home price growth, improve housing affordability, and boost transactions.”

Tight supply, however, is keeping prices just barely higher. The median price of a home sold in February was $398,000, an increase of 0.3% year over year. Sales continue to be strongest in the highest price category, properties listed at $1 million or above. Sales were down sharply on the lowest end of the market.

It continues to take longer to sell a home, at 47 days, up from 42 days one year ago. First-time buyers represented 34% of total sales, an increase from 31% a year ago. Investors made up 16% of sales, unchanged from a year ago.

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Intellia Therapeutics says its Crispr-based treatment succeeds in pivotal trial

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Intellia Therapeutics says its Crispr-based treatment succeeds in pivotal trial


Intellia Therapeutics, building exterior and company sign, Cambridge, Massachusetts, USA.

Spencer Grant | Universal Images Group | Getty Images

Intellia Therapeutics said its Crispr-based treatment for a rare swelling condition met its goals in a late-stage trial, marking a milestone for the field of gene editing and putting the company on track to seek approval from the U.S. Food and Drug Administration.

The company’s treatment uses Nobel Prize-winning technology Crispr to edit DNA and turn off the gene that controls production of a peptide that’s overactive in people with hereditary angioedema, causing them to experience potentially life-threatening swelling attacks. Intellia’s treatment is administered once through an hourslong infusion, making the edits directly in the liver.

Intellia said the one-time treatment reduced attacks by 87% compared with a placebo, meeting the study’s main goal. Six months after treatment, 62% of patients were free from attacks and weren’t using other therapies, Intellia said.

The company described the safety and tolerability of the treatment as “favorable,” reporting the most common side effects were infusion-related reactions, headaches and fatigue. Analysts were closely watching safety in the trial since a patient in a separate trial of a different treatment from Intellia died. That patient developed a liver injury and ultimately died from septic shock following an ulcer, according to the company.

“When you think about where we started with Crispr, just 12 years ago with some of the fundamental insights, I think there was a lot of talk about what might be possible, and we’ve had reports along the way in terms of milestones, but this is the first Phase 3 data in any indication with in vivo Crispr where you’re actually changing a gene that causes disease,” said Intellia CEO John Leonard.

The only FDA-approved Crispr-based medicine comes from Vertex Pharmaceuticals. Called Casgevy, the gene editing is done outside the body, or ex vivo. The process requires collecting a person’s blood cells, making the edits outside the body, then reinfusing them back into a patient. Intellia’s treatment, meanwhile, makes the edits inside the body, or in vivo.

Intellia said it has started a rolling application with the FDA and plans to complete the filing in the second half of this year. The company expects to launch the treatment in the U.S. in the first half of next year, if it’s approved.

If approved, Intellia’s treatment, lonvoguran ziclumeran, will compete with about a dozen other chronic drugs for HAE. Despite the allure of a one-time treatment, genetic medicines haven’t always been a commercial successes. BioMarin withdrew its gene therapy for Hemophilia A because of weak sales, for example.

Leonard said there are important differences between the two, like the fact that BioMarin’s therapy faced questions about how long the effects would last. In contrast, he said Intellia hasn’t seen a single case in almost six years where the effects diminished over time.

Despite the results, he’s reluctant to call Intellia’s treatment a functional cure.

“I think this is a tipping point for the disease and tipping point for Crispr-based in vivo therapy where you can make a change [and] it’s permanent,” Leonard said. “And, as far as we can tell, we don’t have a single patient in this program or other program where there’s been any waning of the effect of what we did to the gene or the effect of what we’ve seen with the clinical aspects of the disease itself. So it’s pretty exciting.”

Clarification: This story has been updated to clarify that a patient in a separate trial of a different treatment from Intellia developed acute liver injury and ultimately died from septic shock following an ulcer.

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European flight prices are falling in short-term, Wizz Air boss says

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European flight prices are falling in short-term, Wizz Air boss says



While many airlines say they are raising prices due to high fuel costs, József Váradi says European airlines are trying to boost demand



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Claire’s closes all 154 stores in UK and Ireland with loss of 1,300 jobs

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Claire’s closes all 154 stores in UK and Ireland with loss of 1,300 jobs



All of the chain’s standalone stores have stopped trading in the UK and Ireland.



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