U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
- Single Family Closed Sales were down 0.6 percent to 973.
- Townhouse-Condo Closed Sales were down 11.8 percent to 247.
- Adult Communities Closed Sales were down 43.8 percent to 27.
- Single Family Median Sales Price increased 14.6 percent to $550,000.
- Townhouse-Condo Median Sales Price increased 14.8 percent to $415,000.
- Adult Communities Median Sales Price increased 5.4 percent to $455,900.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.
