Existing-home sales rise 3%
After two straight months of declines, total existing-home sales grew 3% in February led by big gains in the West and South, according to the National Association of Realtors.
Total existing home sales, which include single-family homes, townhomes, condominiums, and co-ops rose to a seasonally adjusted rate of 5.54 million units in February from 5.38 million in January. Total sales are now 1.1% above a year ago, the NAR said.
Single-family home sales increased 4.2% to a seasonally adjusted annual rate of 4.96 million in February from 4.76 million in January, and are now 1.8% above the 4.87 million pace a year ago. The median existing single-family home price was $243,400 in February, up 5.9% from February 2017.
Regionally, February existing-home sales in the Northeast fell 12.3% to an annual rate of 640,000, and are now 7.2% below a year ago. The median price in the Northeast was $258,900, which is 3.6 percent above February 2017.
In the Midwest, existing-home sales fell 2.4% to an annual rate of 1.22 million in February - unchanged from a year ago – while the median price in the was $179,400, up 4.5% from a year ago.
But existing home sales in the South and West saw sizeable jumps.
February existing home sales bounced to a pace of 5.54 million.
Existing-home sales in the South increased 6.6% to an annual rate of 2.41 million in February and are now 3.4% above a year ago. The median price in the South was $215,700, up 5.4% from a year ago.
In the West, existing-home sales surged 11.4% to an annual rate of 1.27 million in February and are now 2.4% above a year ago. The median price in the West was $370,600, up 9.6% from February 2017.
“The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018,” said Lawrence Yun, chief economist of the NAR. “However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”
Added Yun, “The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month. Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March.”
The median existing-home price for all housing types in February was $241,700, up 5.9% from February 2017. February’s price increase marks the 72nd straight month of year-over-year gains.
Total housing inventory at the end of February rose 4.6% to 1.59 million existing homes available for sale, but is still 8.1% lower than a year ago and has fallen year-over-year for 33 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace.
Total existing home sales, which include single-family homes, townhomes, condominiums, and co-ops rose to a seasonally adjusted rate of 5.54 million units in February from 5.38 million in January. Total sales are now 1.1% above a year ago, the NAR said.
Single-family home sales increased 4.2% to a seasonally adjusted annual rate of 4.96 million in February from 4.76 million in January, and are now 1.8% above the 4.87 million pace a year ago. The median existing single-family home price was $243,400 in February, up 5.9% from February 2017.
Regionally, February existing-home sales in the Northeast fell 12.3% to an annual rate of 640,000, and are now 7.2% below a year ago. The median price in the Northeast was $258,900, which is 3.6 percent above February 2017.
In the Midwest, existing-home sales fell 2.4% to an annual rate of 1.22 million in February - unchanged from a year ago – while the median price in the was $179,400, up 4.5% from a year ago.
But existing home sales in the South and West saw sizeable jumps.
February existing home sales bounced to a pace of 5.54 million.Existing-home sales in the South increased 6.6% to an annual rate of 2.41 million in February and are now 3.4% above a year ago. The median price in the South was $215,700, up 5.4% from a year ago.
In the West, existing-home sales surged 11.4% to an annual rate of 1.27 million in February and are now 2.4% above a year ago. The median price in the West was $370,600, up 9.6% from February 2017.
“The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018,” said Lawrence Yun, chief economist of the NAR. “However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”
Added Yun, “The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month. Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March.”
The median existing-home price for all housing types in February was $241,700, up 5.9% from February 2017. February’s price increase marks the 72nd straight month of year-over-year gains.
Total housing inventory at the end of February rose 4.6% to 1.59 million existing homes available for sale, but is still 8.1% lower than a year ago and has fallen year-over-year for 33 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace.