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.
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.
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.
The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.