February 2024
U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted
annual rate of 4.00 million, exceeding economists’ expectations and marking the
strongest sales pace since August 2023, according to the National Association of
REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick
in inventory, helped existing-home sales to climb following last month’s decline, with
monthly gains reported in the Midwest, South, and West regions.
New Listings were up 14.9 percent to 1,282. Pending Sales increased 10.8 percent
to 1,158. Inventory grew 32.2 percent to 2,388 units.
Prices moved higher as Median Sales Price was up 4.1 percent to $263,740. Days
on Market increased 4.3 percent to 49 days. Months Supply of Inventory was up
37.5 percent to 2.2 months, indicating that supply increased relative to demand.
Total inventory heading into February stood at 1.01 million units, a 2% increase from
the previous month and a 3.1% increase from the same time last year, for a 3
months’ supply at the current sales pace, according to NAR. Although buyers may
find additional options in their home search, inventory remains below the 5-6
months’ supply of a balanced market, and demand is exceeding supply. As a result,
existing-home sales prices have continued to rise, climbing 5.1% year-over-year to
$379,100.
Information courtesy of CMLS*
