The National Association of Realtors is reporting that existing home sales were up 6.5% in February which they say that while encouraging, it is not reflective of the current economic turmoil brought on by the Coronavirus. Total housing inventory at the end of February was 1.47 million units, up 5% from January and down 9.8% from one year ago. Total unsold inventory was at a 3.1-month supply (the lowest since 1999) at the current sales pace with properties remaining on the market for around 46 days. The median existing-home price for all housing types was $272,400, up 8.1% from February, 2019.
[while] “February’s sales of over 5 million homes were the strongest since February 2007…I would attribute that to the incredibly low mortgage rates and the steady release of a sizable pent-up housing demand that was built over recent years….These figures show that housing was on a positive trajectory, but the coronavirus has undoubtedly slowed buyer traffic and it is difficult to predict what short-term effects the pandemic will have on future sales…” Said Lawrence Yun, the NAR’s chief economist.