The National Association of Realtors is reporting that existing home sales were up 9.5% in February to a seasonally-adjusted annual rate of 4.38 million – the largest monthly increase since February 2023. However, they were down 3.3% year over year. Total housing inventory at the end of February was 1.07 million units, up 5.9% from January and up 10.3% from one year ago. Unsold inventory sits at a 2.9-month supply at the current sales rate with properties remaining on the market for around 38 days. The median existing-home price for all housing types in February was $384,500, up 5.7% from one year ago.
“Additional housing supply is helping to satisfy market demand…Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
