The National Association of Realtors (NAR) recently released its report on existing home sales in February 2023, showing an increase in sales for the first time in a year. The seasonally adjusted annual rate of sales rose by 14.5% to 4.58 million. This was the largest monthly percentage increase since July 2020. However, year-over-year sales fell by 22.6% from 5.92 million in February 2022.
According to NAR Chief Economist Lawrence Yun, the increase in sales can be attributed to homebuyers taking advantage of lower mortgage rates. Despite the rise in sales, inventory levels remain at historic lows, resulting in multiple offers on many properties.
February National Real Estate Stats
The median existing-home price for all housing types in February was $363,000, down 0.2% from the previous year, ending a 131-month streak of year-over-year increases, the longest on record. Properties typically remained on the market for 34 days, up from 33 in January and 18 in February 2022.
Single-family home sales rose to a seasonally adjusted annual rate of 4.14 million. This is up 15.3% from January but down 21.4% from the previous year.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 440,000 units. This is up from 410,000 in January, but down 32.3% from a year earlier.
Real Estate Sales By Region
The NAR’s report also provided sales data by region. The Northeast region improved by 4%, the Midwest grew by 13.5%, the South rebounded by 15.9%, and the West rocketed by 19.4% in February. However, year-over-year sales in all regions declined, with the Northeast experiencing the largest decline at 25.7%.
The rise in sales is a positive sign for the real estate market. However, the low inventory levels and declining year-over-year sales highlight the ongoing challenges I see firsthand with my buyers and sellers. As we move further into the year, look for more updates from me on these issues.
Let’s Talk About How This Impacts You
Are you needing help navigating today’s real estate market? Contact me today and let’s schedule a time to talk.
Laura Gayvert, REALTOR®, Coldwell Banker Realty, 1300 Main Chapel Way, Gambrills, MD 21054
Mobile: (443) 995-6999 | Office (410) 721-0103
Source: “Existing-Home Sales Surged 14.5% in February, Ending 12-Month Streak of Declines: Largest monthly percentage increase since July 2020”, National Association of REALTORS.