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.
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