• NAR released a summary of existing home sales data showing that February’s existing home sales improved from last month and a year ago, while fewer homes on the market drive price growth. February’s sales show a fifth consecutive month of year over year improvement up 4.7%, while sales were up modestly 1.2% from last month.
  •  The national median existing-home price for all housing types was $202,600 in February, up 7.5% percent from a year ago which is the fastest pace since February 2014.
  • Regionally, all four regions showed growth in prices, the Midwest had the largest gain at 8.8% while the Northeast had the smallest gain at 3.3% from last February. The Northeast was the only region to show a decline in sales of 6.5% from last month, while the Midwest remained flat. The South had a modest gain of 1.9% while the West had the biggest increase at 5.7%. All regions showed an increase in sales from a year ago, and the South had the biggest gain at 6.0% while the West had the smallest gain at 2.8%.
  • February’s inventory figures increased 1.6% from last month but are down 0.5 % from a year ago and it will take 4.6 months to move the current level of inventory. It takes approximately 62 days for a home to go from listing to a contract in the current housing market.
  • Single family sales increased 1.4% and condo sales remained flat from last month. Single family homes had an increase of 5.9% from a year ago, while condo sales fell by 3.6%. Both single family and condos had an increase in price with single family up 8.2% and condo up 2.8% from a year ago, February 2014.
  • Potential home buyers have fewer options which may hinder future housing activity. New homes are doing well sitting for sale roughly 3 months after completion. Rents are still up by about 3.5% year over year, out pacing incomes in certain metro markets where potential home buyers are finding challenges saving for down payments.

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