4.58 million existing homes were sold in February (SAAR), up 14.5% from January and down 22.6% from February 2022, according to the National Association of Realtors (NAR).
Total housing inventory at the end of February amounted to 980,000 units, NAR said, up 15.3% from one year ago.
The median existing-home price for all housing types in February was $363,000, down 0.2% year-over-year.
Existing homes sales snapped a 12-month decline rising 14.5% in February – the largest monthly increase since July 2020.
Existing home sales reflect a mix bag of seasonal factors and unusually high mortgage rate volatility. Buyers are out in force, but sellers – unwilling to trade a low mortgage rate for today’s higher rate – are staying on the sidelines and that means inventory remains lower than normal for this time of year.
While large swings in mortgage rates continue to challenge potential buyers and potential sellers, spring home buying season started early this year with motivated buyers wanting to take advantage of even the smallest improvements in housing affordability. There are fewer home buyers than there were in the past two years, but the lack of inventory means buyers are still facing stiff competition.