Last Update: 22-Mar-19 10:21 ET
Existing Home Sales
- Existing home sales increased 11.8% month-over-month in
February to a seasonally-adjusted annual rate of 5.51 million (Briefing.com
consensus 5.10 million) from a downwardly revised 4.93 million (from 4.94
million) in January.
- Total sales were 1.8% lower than the same period a year
- The median existing home price for all housing
types increased 3.6% year-over-year to $249,500, representing the 84th
consecutive month of year-over-year gains. The median existing single-family
home price was $251,400, up 3.6% year-over-year.
- Existing home sales across regions: Northeast
(unchanged); Midwest (+9.5%); South (+14.9%); and West (+16.0%)
- Median home prices by region: Northeast (+3.8%
to $272,900); Midwest (+5.4% to $188,800); South (+2.5% to $219,300); and West
(+3.0% to $379,300)
- Single-family home sales were up 13.3%
month-over-month to a seasonally adjusted annual rate of 4.94 million, but were
down 1.4% year-over-year.
- The inventory of homes for sale at the end of
February increased to 1.63 million from 1.59 million in January. The inventory
was up 3.2% from a year ago.
- Unsold inventory stood at 3.5-months supply at
the current sales pace versus 3.9 months in January. This is below the 6.0-months
supply typically associated with a more balanced market.
- 41% of homes sold in February were on the market
for less than a month. First-time buyers accounted for 32% of sales in February,
up from 29% in January and a year ago.
- All-cash sales made up 23% of transactions in
February, unchanged from January, but down from 24% one year ago.
- The key takeaway from the report is that while sales rebounded
sharply on a month-over-month basis, they are still tracking below levels seen
one year ago.
|Existing Home Sales
|Median Price Y/Y