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.