RE/MAX National Housing Report for February 2023

Home Sales Show Strong Increase and
Slight Rise in Median Sales Price Over January

Despite being down 24.4% year over year, February home sales increased 16.8% from January. That was the largest month-over-month increase in 11 months and ended a five-month streak of sales declines that began in September.

The median sales price of $385,000 increased 0.6% over January, ending a seven-month streak of price declines since the peak of $426,000 in June 2022. Although home prices increased slightly month-over-month, February marked the first year-over-year drop in prices since January 2012 – as the median was 1.3% lower than a year ago ($390,000).

Inventory increased year over year for the 10th consecutive month, and the number of homes for sale in the report’s 50 metro areas was 55.0% higher than a year ago.

Other notable metrics:

  • Months’ Supply of Inventory in February was 1.7, down from 2.0 months in January but well above last February’s 1.0.
  • February’s average close-to-list price ratio was 98%, meaning that on average, homes sold for 2% less than the asking price. In January, the ratio was 97%.
  • Homes sold in February were on the market for an average of 45 days – three days less than January but two weeks longer than a year ago.

Read the full article

Watch the 32 second summary video


Leave a comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.