Great news for the housing market! According to the National Association of REALTORS®, existing-home sales saw a 14.5% increase in February, putting an end to a 12-month slide. All four major regions in the U.S. experienced a rise in sales, though all regions still posted year-over-year declines.
Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, reached 4.58 million, a seasonally adjusted annual rate, in February. This was a significant increase from January but a 22.6% decrease from February 2022. Despite this decline, inventory remained steady at 980,000 units, with unsold inventory at a 2.6-month supply.
Median house prices also decreased slightly by 0.2% from February 2022. However, we should keep in mind that closed sales in February were mainly from contracts signed in December and January. Overall, this is a positive sign for the housing market, and we can expect to see the impact of recent changes in mortgage rates in the coming months.