The National Association of Realtors is reporting that existing home sales were up 14.5% in February to a seasonally-adjusted annual rate of 4.58 million (down 22.6% year over year). Total housing inventory at the end of February was 980k units, the same as January but up 15.3% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales rate with properties remaining on the market for around 34 days. The median existing-home price for all housing types in January was $363k, down 0.2% from one year ago. The NAR said that February snapped a 12-month slide and represented the largest monthly percentage increase since July 2020.
“Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines…Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.” Said the NAR’s Chief Economist, Lawrence Yun.