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Home Prices

The median home price reported by the National Association of Realtors increased 2.5% in February to $202,600. Prices remain 7.6% higher than the same month of the previous year. The recent uptick in year-over-year price growth is probably due to low inventory levels in recent months.

Home Sales

The seasonally adjusted annualized rate of home sales increased 1.2% from January to February to a pace of 4.88 million homes. Homes sales increased year-on-year in February for the fifth month in a row and were 6.1% higher than the same month of the previous year.

Inventory - Month's Supply

The number of homes available decreased 8% compared to the same month of the previous year, with 1.89 million homes available for sale in February. This translated to 4.6 months of supply. Historically, inventory typically remains low during March due to the cool weather and then loosens as the weather warms in April.