February existing-home sales were at a seasonally adjusted annual rate of 5.48 million, a 3.7 percent decrease compared with 5.69 million in January but still 5.4 percent higher than a rate of 5.2 million in February 2016, according to the National Association of Realtors.
The median existing-home price for all housing types was $228,400, up 7.7 percent from $212,100 in February 2016.
“Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” said NAR Chief Economist Lawrence Yun in a statement. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”
Single-family home sales in February were at a seasonally adjusted annual rate of 4.89 million, down 3 percent from 5.04 million in January but 5.8 percent higher than the 4.62 million rate in February 2016.
The median existing single-family home price was $229,900 in February, up 7.6 percent year-over-year.
Total existing-home sales in the Northeast fell 13.8 percent to a rate of 690,000. Sales fell 7 percent in the Midwest to 1.2 million. In the West, sales dropped 3.1 percent to 1.25 million. Sales in the South rose 1.3 percent to 2.34 million.
