The National Association of Realtors recently reported that total existing home sales were up 3% in February to a seasonally adjusted annual rate of 5.54 million. The median existing-home price for all housing types came in at $241,700, which is 5.9% higher than February 2017 and marks the 72nd straight month of year-over-year gains. Total housing inventory was up 4.6%, coming in at 1.59 million existing homes available for sale. This figure is 8.1 percent lower than a year ago and has been falling year-over-year for 33 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace.
“…sales were uneven across the country in February but did increase nicely overall. “A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump…The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018…” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full release on at the National Association of Realtors.
