- Last week, NAR released a summary of existing home sales data showing that existing home sales declined again for the sixth time in seven months. February showed a decrease in sales of 0.4% from last month and 7.1% from a year ago.
- The national median existing-home price for all housing types was $189,000 in February, up 9.1% percent from February 2013.
- All regions showed growth in prices, but the West had the biggest gain at 18% from a year ago. The Northeast had the smallest price gain at 1.5% from a year ago.
- February’s inventory figures increased by 5.3% from a year ago and it will take 5.2 months to move the current level of inventory. It marks the highest inventory level since April 2013. As the charting of months’ supply below shows, the condominium market tends to be undergoing larger swings than the single-family market.
- With sales down this month, February has the slowest sales pace since July 2012. Change in seasons and a boost in inventory will help change the current sales trend even with rates on the rise. A boost in household formation will help improve the housing market. See the full NAR Existing Home Sales press release here and data tables here.
- Find a full graphical summary of the data here.
LATEST MONTHLY EHS INFOGRAPHIC