The National Association of Realtors are reporting that existing home sales were down 3.7% in February to a seasonally adjusted annual rate of 5.48 million. However, February’s sales pace is 5.4% higher than one year ago. The median existing-home price for all housing types in February was $228,400, up 7.7% from February 2016. Total housing inventory increased 4.2% to 1.75 million existing homes available for sale, but is still 6.4% lower than a year ago and has fallen year-over-year for 21 straight months. Unsold inventory is at a 3.8-month supply at the current sales pace.
“Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers…Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full release at the National Association of Realtors web site.