US Existing-Home Listings Expand in February, Posting Largest Year-Over-Year Gain Since May 2021

On Friday, Redfin reported that new listings of existing homes increased 3.8% month-over-month on a seasonally adjusted basis in February. Year-over-year, they were 14.8% higher, posting the largest gain since May 2021.

In February, active listings—or the total number of homes for sale—hit the highest level in a year, Redfin said. Seasonally adjusted, they were 0.8% above January and were only 0.1% below February 2023, making it the smallest annual decline in months.

The median US home sale price, which is not seasonally adjusted, climbed 6.6% year-over-year in February to $412,778. This marks the biggest uptick in prices since September 2022. Redfin said that prices continue to rise because despite the recent uptick in listings, there’s still not enough supply to meet demand. Both new listings and active listings remained far below pre-pandemic levels in February.

Commenting on the report, Redfin Economic Research Lead Chen Zhao said:

“February was a mixed bag for the housing market and the economy. Housing supply is finally starting to recover in a meaningful way, which is great news for buyers who for months have been competing for a tiny pool of homes for sale. Still, many house hunters are hesitant to pull the trigger because mortgage rates and home prices remain elevated.”