Existing Home Sales Up 14.7% Month-Over-Month but Down 22.6% Year-Over-Year in February

On Tuesday (3-21-23), the National Association of Realtors® (NAR) reported that total existing home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 14.5% month-over-month increase in February to a seasonally adjusted rate of 4.58 million homes. The increase ends the string of twelve consecutive monthly declines. Year-over-year, sales are down 22.6% (5.92 million in February 2022).

At the end of February, total housing inventory registered was 980,000 units, unchanged from January but up 15.3% (850,000) year-over-year. At the end of the month, unsold inventory was at a 2.6-month supply—down 10.3% from January but up from the January 2022 rate of 1.7 months.

The median existing home price for all housing types in February was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices increased in two out of four regions. This ends the streak of 131 consecutive months of year-over-year increases, the longest-running on record.

In February, properties typically remained on the market for 34 days, up from 33 days in January and 18 days a year ago. Fifty-seven percent of homes sold in February were on the market for less than a month.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.