Existing-home sales fell 3.7% to a seasonally adjusted annual rate of 5.48 million in February, according to the National Association of Realtors (NAR). Total existing-home sales cooled off after a strong start to 2017.
The total housing inventory rose 4.2% to 1.75 million homes available for sale, while the median existing home price stood at $228,400, a 7.7% increase from February 2016.
Distressed sales remained at 7% of the total in February, which are down from 10% a year ago. Six percent of sales were foreclosures and 1% were short sales. On average, foreclosures and short sales sold for discounts of 18% and 17%, respectively.
Read the NAR release.
Visit Banks and the Economy.