Existing Home Sales Up 9.5%

WRE News March 26, 2024

Buyer

Existing Home Sales Up 9.5%

Existing home sales during February spiked by 9.5% from January to a seasonally adjusted annual rate of 4.38 million, according to new data from the National Association of Realtors (NAR). This represented the largest monthly increase since February 2023.

However, on a year-over-year measurement, sales dropped by 3.3% from the 4.53 million total recorded in February 2023.

NAR also reported February’s median existing-home sales price rose by 5.7% to $384,500, which marked the eighth consecutive month of year-over-year price gains. First-time buyers were responsible for 26% of sales in February, down from 28% in January and 27% in February 2023.

All-cash sales accounted for 33% of transactions in February, up from 32% in the previous month and up from 28% one year ago. Individual investors or second-home buyers, who make up many cash sales, purchased 21% of homes in February, up from 17% in January and 18% in February 2023. Distressed sales accounted for 3% of sales in February, virtually unchanged from last month and the previous year.

The inventory of unsold existing homes increased 5.9% from one month ago to 1.07 million at the end of February, or the equivalent of 2.9 months’ supply at the current monthly sales pace.

“Additional housing supply is helping to satisfy market demand,” said NAR Chief Economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”


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