Existing-home sales jump in February 2023, ending a year of declines MABA MassachusettsRealEstate FirstTimneHomeBuyers MaBuyerAgent

 Existing-home sales broke a twelve month streak of declines in February, surging fourteen point five percent compared to January and posting the largest monthly increase since July 2020, the National Association of REALTORS® said. The annual rate of 4.58 million sales was above analyst expectations but down twenty two point six percent from the February 2022 rate of 5.92 million. Sales were up in all four major U.S. regions on a monthly basis but down on an annual one. The median existing-home price for all housing types in February slid point two percent year over year to $363,000, breaking a one hundred and thirty one -month streak of year-over-year increases, the longest on record.

 “We continue to expect large year-over-year declines in home sales for the first half of this year,” Keller Williams Chief Economist Ruben Gonzalez said. “We also expect to see year-over-year declines in home prices for the next several months. The recent bank failures are likely to weigh on home sales in coming months despite the recent decline in mortgage rates.” The thirty year fixed-rate mortgage averaged six point sixty percent as of March 16, down from six point seventy three percent a week before but up from four point sixteen percent a year earlier, according to Freddie Mac.

 “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” NAR Chief Economist Lawrence Yun said in a press release. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs. Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” Total housing inventory at the end of February was 980,000 units, flat with January and up fifteen point three percent on a year-over-year basis. At the current sales pace, unsold inventory represented a 2.6-month supply, down ten point three percent from January but up from 1.7 months in February 2022.

 Properties typically remained on the market for thirty four days in February, up from thirty three days in January and 18 in February 2022. Fifty-seven percent of homes sold in February were on the market for less than a month. By property type, single-family home sales in February jumped fifteen point three percent month over month to 4.14 million. The median existing single-family home price was $367,500, down point seven percent on a year-over-year basis. Existing condominium and co-op sales also increased, coming in at a seasonally adjusted annual rate of 440,000 units in February, up from 410,000 in January. The median existing condo price rose two point five percent year over year to $321,000.

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