U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
•Single Family Closed Sales were down 3.2 percent to 3,177.
•Townhouse-Condo Closed Sales were up 3.6 percent to 1,222.
•Adult Communities Closed Sales were down 8.6 percent to 395.
•Single Family Median Sales Price increased 13.6 percent to $500,000.
•Townhouse-Condo Median Sales Price increased 13.5 percent to $386,000.
•Adult Communities Median Sales Price increased 3.1 percent to $335,000.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year over-year to $379,100.