Including home buying and selling, commercial, international, NAR member information, and technology. Use the data to improve your business through knowledge of the latest trends and statistics.
Stay current on industry issues with daily news from NAR. Network with other professionals, attend a seminar, and keep up with industry trends through events hosted by NAR.
Including home buying and selling, commercial, international, NAR member information, and technology. Use the data to improve your business through knowledge of the latest trends and statistics.
Stay current on industry issues with daily news from NAR. Network with other professionals, attend a seminar, and keep up with industry trends through events hosted by NAR.
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.