Existing-home sales fell 3.7% to a seasonally adjusted annual rate of 5.48 million in February, according to the National Association of Realtors (NAR). Total existing-home sales cooled off after a strong start to 2017.
“Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” said Lawrence Yun, NAR chief economist. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”
The total housing inventory rose 4.2% to 1.75 million homes available for sale, while the median existing home price stood at $228,400, a 7.7% increase from February 2016.
Distressed sales remained at 7% of the total in February, which are down from 10% a year ago. Six percent of sales were foreclosures and 1% were short sales. On average, foreclosures and short sales sold for discounts of 18% and 17%, respectively.
Read the NAR release.