February Market Report

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.

New Listings increased 5.6 percent to 94. Pending Sales were up 15.9 percent

to 95. Inventory levels shrank 17.4 percent to 388 units. Prices were a tad soft. The Median Sales Price decreased 8.1 percent to $170,000. Days on Market was up 19.3 percent to 99 days. Sellers were encouraged as Months Supply of Inventory was down 14.6 percent to 3.5

months.

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.

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.

ACVMLS- February 2024 Stats - MARCH Release.pdf

Download PDF • 163KB