Snapshot of February Real Estate Stats
Year-over-year, sales waned 3.7% (down from 4.35 million in March 2023).
Total existing-home sales fell 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March.
The median existing-home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300). All four U.S. regions registered price gains.
Sales in the Northeast increased for the first time since November 2023.
Year-over-year, sales decreased in all other regions.
Total housing inventory registered at the end of March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000).
Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February.
First-time buyers were responsible for 32% of sales in March, up from 26% in February and 28% in March 2023.
All-cash sales accounted for 28% of transactions in March, down from 33% in February but up from 27% one year ago.
Distressed sales – foreclosures and short sales – represented 2% of sales in March, virtually unchanged from last month and the prior year.
Northeast – Existing-home sales increased 4.2% from February to an annual rate of 500,000 in March. Compared to March 2023, home sales were down 3.8%. The median price in the Northeast was $434,600, up 9.9% from one year ago.
Midwest – Existing-home sales fell 1.9% from February to an annual rate of 1.01 million in March, which is down 1.0% from 2023. The median price in the Midwest was $292,400, up 7.5% from March 2023.
South – Existing-home sales fell 5.9% from February to an annual rate of 1.9 million in March, which is down 5.0% from 2023. The median price in the South was $359,100, up 3.4% from last year.
West – Existing-home sales fell 8.2% from February to an annual rate of 780,000 in March and fell 3.7% from 2023. The median price in the West was $603,000, up 6.7% from March 2023.