Existing home sales improved slightly in February, rising to an annual pace of 4.98 million units. February’s pace is 0.8% higher than January’s upwardly revised pace, and the fastest rate of sales since the homebuyer tax credit artificially boosted sales in 2009.
Condo sales drove February’s gain, with single-family sales falling 0.2%. The pace of both single-family and condo sales has improved 9% and 22% respectively from a year ago.
Inventories increased for the first time since last spring, however remain 19% below year-ago levels. The increase in inventories led the supply of homes on the market to rise to 4.7 months, its highest level in three months. Despite the rise, inventories remain extremely tight.
Prices continued to improve in February, with the median home price rising to $173,600. February’s median home price is now 11.6% above year-ago levels, better than the 10.3% reported the previous month.
Read the NAR release.