Thursday, March 20, 2014

Existing Home Sales Largely Unchanged in February

Existing home sales fell 0.4% in February, according to the National Association of Realtors. Sales dropped slightly to an annual pace of 4.6 million units, from a January pace of 4.62 million units. February’s pace is 7.1% below year ago levels, which is the lowest since July 2012.

Two of the four regions posted losses in February. The Northeast was hit the hardest, dropping 11.3%. The Midwest also declined 3.8%. The West and South improved 5.9% and 1.5% respectively. The declines in the Midwest and Northeast may be in part due to the unusually harsh weather in February, which prevented some closings.

Market supply improved, with the supply of homes on the market rising to 5.5 months at February’s pace.

The median housing price grew slightly to $189,000. Existing home prices are 9.1% above year ago levels, but are below mid-2013 appreciation levels.

Read the NAR release.

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