The median existing home price declined 0.2% in February to $363,000, according to the National Association of Realtors. It’s the first year-over-year decline in the median home price since February 2012.
As the median price dipped, existing home sales increased 14.5% in February to an adjusted rate of 4.58 million, ending a 12-month streak of declines. The boost also represented the largest monthly percentage increase since July 2020’s 22.4% increase. Compared with February 2022, however, existing home sales fell 22.6%.
“Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” NAR Chief Economist Lawrence Yun said in a statement. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
Regionally, existing home sales grew 4.0 in the Northeast, 13.5% in the Midwest, 15.9% in the South and 19.4% in the West.
Total housing inventory levels remained unchanged from January at 980,000 units. “Inventory levels are still at historic lows,” Yun stated. “Consequently, multiple offers are returning on a good number of properties.”
The full NAR report can be found at this link.
