• February existing home sales fell 3.7 percent from a very strong January to 5.48 million units (SAAR), according to the National Association of Realtors, but remain 5.4 percent above year-ago levels.
• The seasonally adjusted inventory of homes for sale nationwide rose 0.3 percent from January, but is down 6.3 percent from February 2016.
• The median seasonally adjusted price of existing homes sold in February was $244,400, up 1.1 percent from January and up 7.6 percent from a year ago. Median existing home prices are currently 6 percent above their pre-recession highs.

It’s important not to read too deeply into the one-month dip in existing home sales in February — the housing market is still running quite hot, and the next few months look to be as competitive and fast-moving as ever. Homes typically spent just 45 days on the market in February, a very fast pace fast pace and as good an indicator as any that this year especially, the start of the typical selling season is a bit blurry. Buyers aren’t waiting until March or April to begin their house hunt, they’re out there now and have been out there all along. What has remained seasonal is inventory, which fell yet again year-over-year in February, but rose from January and can be expected to continue to rise in coming months as the weather warms. It’s noteworthy that inventory of single-family homes was flat from January, so most of the monthly gain was driven by increases in the numbers of condos and co-ops for sale — a good sign for buyers looking for homes at a lower price point, which have been frustratingly scarce in recent months. The combination of rapidly rising home prices and mortgage interest rates that are creeping up slowly but surely is putting a dent in mortgage affordability, but so far not a big enough one to meaningfully impact demand or slow price growth in most markets. Home shopping season is officially here, and it could be a long few months for buyers facing stiff competition and a limited selection. Patience is a virtue, and it’s critical not to get carried away or over-extend yourself. But be prepared to strike quickly when that perfect home at the right price does come along.