On Tuesday, the National Association of Realtors reported that “existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020. Month-over-month sales rose in all four major U.S. regions. All regions posted year-over-year declines.
- Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – vaulted 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February.
- Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
- Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000).
- Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
Existing Home Sales
Median Prices Slide After 131 Months of Gains
- “The median existing-home price for all housing types in January was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West.
- This ends a streak of 131 consecutive months of year-over-year increases, the longest on record.
- Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022.
- Fifty-seven percent of homes sold in February were on the market for less than a month.
- First-time buyers were responsible for 27% of sales in February, down from 31% in January and 29% in February 2022.
- All-cash sales accounted for 28% of transactions in February, down from 29% in January but up from 25% in February 2022.
- Distressed sales – foreclosures and short sales – represented 2% of sales in February, nearly identical to last month and one year ago.
- Existing-home sales in the Northeast improved 4.0%, down 25.7% from February 2022. The median price in the Northeast was $366,100, down 4.5% from the previous year.
- In the Midwest, existing-home sales grew 13.5%, declining 18.7% from one year ago. The median price in the Midwest was $261,200, up 5.0% from February 2022.
- Existing-home sales in the South rebounded 15.9% in February, a 21.3% decrease from the prior year. The median price in the South was $342,000, an increase of 2.7% from one year ago.
- In the West, existing-home sales rocketed 19.4% in February, down 28.3% from the previous year. The median price in the West was $541,100, down 5.6% from February 2022.”