Nationally, existing home sales increased to 4.58 million in February but median prices were down 12.3 percent from the peak in June 2022.
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of REALTORS®. Month-over-month sales rose in all four major U.S. regions. All regions posted year-over-year declines in median price. Locally sales are up but median prices are not down in all zip codes. We still are facing a shortage of inventory in many areas.
Nationally, total existing-home sales - completed transactions that include single-family homes, town-homes, condominiums and co-ops – vaulted 14.5 percent from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6 percent (down from 5.92 million in February 2022).
Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3 percent from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3 percent from January but up from 1.7 months in February 2022.
Sales Year-over-Year and Not Seasonally Adjusted (NSA).
