Nationally, existing home sales for the month of February increased by 9.5% from January 2024. This translates into a seasonally adjusted rate of 4.38 million homes. Overall, sales for existing homes fell 3.3% from 2023, but in comparison to prior months these sales figures are beginning to show signs of flattening out.
Another good sign for the housing market is that total inventory at the end of February was recorded to be 1.07 million units, which represents a 5.9% increase from January 2024 and a 10.3% increase from February 2023. The present inventory represents a 2.9-month supply at the current sales rate, which is lower than January 2024, but it also represents the uptick in purchases during the month of February.
According to the National Association of Realtors, the median existing home sale price for all homes in February was $385,000. This represents a 5.7% increase from the prior year of $364,000.
First-time buyers did not represent as much a percentage of total sales in the month of February, coming in at 26%, which was down from the 28% reported in January 2024. In February 2023, the number of first-time buyers represented a total of 27% of all transactions.
In the category of all-cash sales, the number of these transactions climbed slightly to 33% from 32% in January 2024 and from 28% in January 2023. It has been reported that brokers are seeing a higher percentage of all-cash buyers. This statistic is bearing out as individual investors and second-home purchasers reportedly accounted for 21% of all homes purchased in February 2024, which is up from the 17% of homes purchased by individual investors and second-home buyers in January 2023.
Distressed sales or foreclosures represented just 3% of all sales in February, which is the same percentage that was in January 2024 and the same percentage that was in February 2023.
Mortgage rates continue to average between 6.74% and 6.88% for the 30-year-fixed mortgage. This is bringing some stability to the market as rates are not fluctuating as much as they had been.
The Northeast reported 480,000 units of existing home sales in February, which was the same as January 2024 but down 7.7% from February 2023. The median price for an existing home in the Northeast came in at $421,000, up 11.5% from February 2023.
The Midwest reported existing home sales increased 8.4% from January 2024 but down from February 2023 by 3.7%. The median price in the Midwest was $278,000, which is up 6.8% from February 2023.
The South reported existing home sales increased by 9.8% from January 2024 but reported this figure was down 2.9% from February 2023. The median sales price in the South was $354,000, which was up 4.1% from February 2023.
The West reported existing home sales increased 16.4% from January 2024 to 850,000 units but declined from February 2023 by 1.2%. The median price in the West was $593,000, up 9.1% from February 2023.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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