In February, existing homes sales fell for the third consecutive month, falling 0.6% to an annualized pace of 5.02 million units. This small decline followed two months of large drops. Sales had grown quickly over the late summer and fall, greatly aided by the home buyer tax credit. However, as the effects of the credit wore off, sales have since fallen back down to a pace similar early last summer. It would appear at this point a good amount of the new sales generated over the summer were simply a temporal shift, increasing demand at the expense of sales currently. Still from a year prior, sales were up 7.7%.
Partially sue to the drop in the pace of sales, the months supply of inventory rose to 8.6 from 7.8. However, much of this increase was due to a large rise in homes listed for sale. For the first time in over three years, the number of properties listed for sale rose on a year-over-year basis. The supply of inventory will have to decline before prices can be certain to have bottomed out. The historical “normal” value is around five to six months.
Over February, the median sales price rose 0.6% to $165,100. From a year prior, prices were down 1.9%.

10.03.23 (Source:
National Association of Realtors)
0 comments:
Post a Comment