US Existing-Home Sales Increase Month-Over-Month in February, but Remain Lower Year-Over-Year

On Thursday, the National Association of Realtors® (NAR) reported that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 9.5% increase in February from January to a seasonally adjusted rate of 4.38 million homes. However, sales declined 3.3% year-over-year—down from 4.53 million in February 2023.

Across the four regions, sales increased in the Midwest, South, and West, while holding steady in the Northeast. Year-over-year, sales declined in all regions.

At the end of February, total housing inventory registered was 1.07 million units, up 5.9% from January and up 10.3% from one year ago (970,000 units in February 2023). Unsold inventory was at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.

The median existing home price for all housing types was $384,500, an increase of 5.7% from a year ago ($363,600). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 38 days in February, up from 36 days in January and from 34 days in February 2023.