Sales of all existing homes nationwide fell 3.7% to an annual rate of 5.48 million in February from January’s rate of 5.69 million. 
The February 2017 median price increased for the 60th straight month, for year-over-year price gains, for all types of existing homes. It was reported to be $228,400, a 7.7% increase from February 2016’s median price of $212,100.
Housing supply continues to be the single major factor impacting this market: the number of homes for sale at the end of February increased by 4.2% to 1.75 million units, representing a 3.8-month supply.
Notwithstanding, February’s inventory was 6.4% lower than February 2016’s 1.87 million homes. The inventory story continues with February marking the 21st consecutive month of year-over-year inventory attenuation.
Good News for New Home Sales
February’s new home sales were 12.8% higher than February 2016’s pace of 525,000. The sales of new, single-family houses during February grew 6.1%, hitting an annual rate of 592,000, according to a report from the Census Bureau and the Department of Housing and Urban Development.
Fast Facts
February’s median sales price for new homes was $296,200
February’s average price was $390,400
The number of new houses for sale at the end of February totaled 266,000
The warm winter gave builders the opportunity to keep construction projects going