February Market Report

U.S. existing-home sales fell for the first time since September, slipping 4.9%

month-over-month to a seasonally adjusted annual rate of 4.08 million units,

according to the National Association of REALTORS® (NAR), as elevated home

prices and higher interest rates continue to impact buyer activity. Despite the

drop, sales were up 2% compared to the same period last year, marking the

fourth consecutive monthly year-over-year increase.

New Listings decreased 18.9 percent to 77. Pending Sales were down 13.5

percent to 77. Inventory levels grew 2.8 percent to 442 units.

Prices continued to gain traction. The Median Sales Price increased 17.6

percent to $200,000. Days on Market was down 12.1 percent to 87 days.

Buyers felt empowered as Months Supply of Inventory was up 5.0 percent to

4.2 months.

The limited number of properties for sale has continued to push home prices

higher nationwide. At last measure, the national median existing-home price

was $396,900, a 4.8% increase from one year earlier, with prices up in all four

regions, according to NAR. Meanwhile, total housing inventory heading into

February stood at 1.18 million units, up 3.5% month-over-month and 16.8%

year-over-year, for a 3.5-month supply at the current sales pace.

Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.

To view the full Market Report for February download the link below.

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