Existing-home sales surged 9.5% in February to a seasonally adjusted annual rate of 4.38 million, according to the National Association of Realtors (NAR). Sales declined 3.3% from the previous year (down from 4.53 million in February 2023).
“Additional housing supply is helping to satisfy market demand,” said NAR Chief Economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
Total housing inventory was up 5.9% from January to 1.07 million units, and up 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.
The median existing home price for all housing types in February was $384,500, an increase of 5.7% from the prior year ($363,600). All four U.S. regions posted price increases.
Distressed sales – foreclosures and short sales – represented 3% of sales in February, virtually unchanged from the last month and the previous year.
Read the NAR release.
