Market Updates
Home Sales Advanced in February, Median Price Dropped
Brian Turner
21 Mar, 2023
New York City
Existing home sales increased in February, halting declines for the 12-months in a row, the National Association of Realtors said Tuesday.
Existing home sales, which includes single and multi-family units, increased 14.5% in February from the previous month, but declined 22.6% from a year ago.
Monthly increase in annual pace was the largest increase following 22.4% rise in July 2020.
The median existing-home sales price eased 0.2% from the previous year to $363,000 and the inventory of unsold existing homes was unchanged from the previous month at 980,000 at the end of February, equivalent to 2.6 months' supply at the current monthly sales pace.
"Inventory levels are still at historic lows," Yun added. "Consequently, multiple offers are returning on a good number of properties."
Single-family home sales jumped to a seasonally adjusted annual rate of 4.14 million in February, up 15.3% from 3.59 million in January but down 21.4% from the previous year.
The median existing single-family home price declined 0.7% from a year ago to $367,500 in February.
First-time buyers accounted for 27% of all sales in February, down from 31% in January and 29% a year ago, and Individual investors or second-home buyers purchased 18% of homes in February, up from 16% in January but down from 19% a year ago.
Individual investors make up for the bulk of the purchase.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of March 16, down from 6.73% from the previous week but up from 4.16% one year ago.
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