Representing the last full month before the coronavirus became a global pandemic, February saw the third consecutive month of year-over-year increases in U.S. home sales – a streak not seen since 2015. At the same time, inventory across the report’s 53 metro markets plunged 15.8%, marking the fourth successive month of double-digit percentage, year-over-year declines.
Before the coronavirus struck the U.S. on a large scale, home sales in February – which enjoyed an extra weekend day for Leap Year – increased 7.5% year over year, following strong increases of 13.5% and 10.5% in December and January. The previous streak of increasing year-over-year sales of three months or longer began in December 2015 and continued seven months into June 2016. That was also a period of large inventory declines, like the current stretch of year-over-year drops in inventory that is now at eight months.
February’s Median Sales Price of $260,000 posted a year-over-year increase of 7.9% – the 14th consecutive month where home prices have shot up.
In the nearly 12-year history of the report, three February records were set last month:
· Fewest Months Supply of Inventory: 2.8
· Fewest Days on Market: 60
· Highest Median Sales Price: $260,000
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