- NAR released a summary of existing-home sales data showing that housing market sales decreased significantly from last month, as February’s existing-home sales slumped to a 5.08 million seasonally adjusted annual rate. February’s existing-home sales pace is the lowest since November of 2015, when sales were hit by implementation of the new TRID mortgage disclosure rules, however sales are up 2.2 percent from a year ago.
- The national median existing-home price for all housing types was $210,800 in February, up 4.4 percent from a year ago.
- Regionally, all regions showed growth in prices from a year ago, except the Northeast which declined 0.8 percent. The West led with the largest gain at 7.0 percent while the South had the smallest gain at 5.0 percent from last February.
- From January, all regions experienced declines in sales. The Northeast had the biggest decrease of 17.1 percent followed by the Midwest with a decline of 13.8 percent. The South had the smallest decline of 1.8 percent and the West declined 3.4 percent.
- All regions showed gains in sales from a year ago, except the Midwest where sales were flat. The Northeast had the biggest increase of 5.0 percent while the West had the smallest gain of 0.9 percent. The South leads all regions in percentage of national sales at 43.3 percent while the Northeast has the smallest share at 12.4 percent.
- February’s inventory figures are up 3.3 percent from last month to 1.88 million homes for sale, but the level remains unhealthy. Inventories are down 1.1 percent from a year ago. It will take 4.4 months to move the current level of inventory at the current sales pace. It takes approximately 59 days for a home to go from listing to a contract in the current housing market compared to 62 days a year ago.
- Single family sales decreased 7.2 percent while condos also fell 6.6 percent compared to last month. Single family home sales increased 2.0 percent and condo sales are up 3.6 percent from a year ago. Both single family and condos had an increase in price with single family up 4.3 percent and condos up 5.1 percent from February 2015.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.