Last Update: 21-Mar-18 11:02 ET
Existing Home Sales
- Existing home sales increased 3.0% month-over-month in February to a seasonally adjusted annual rate of 5.54 million (Briefing.com consensus 5.42 million) from an unrevised 5.38 million in January.
- Sales are 1.1% above a year ago
- The median existing home price for all housing types increased 5.9% to $241,700, which was the 72nd straight month of year-over-year gains. The median existing single-family home price was $243,400, up 5.9% from a year ago.
- Median home prices were up in all regions: Northeast (+3.6% to $258,900); Midwest (+4.5% to $179,400); South (+5.4% to $215,700); West (+9.6% to $370,600)
- Existing home sales activity was mixed by region: Northeast (-12.3%); Midwest (-2.4%); South (+6.6%); and West (+11.4%)
- The inventory of homes for sale at the end of February (1.59 million) increased 4.6% but is 8.1% lower than the same period a year ago. The inventory of existing homes for sale has fallen year-over-year for 33 consecutive months.
- Unsold inventory is at a 3.4-month supply at the current sales pace, versus 3.8 months a year ago and the 6.0-month supply typically associated with a more balanced market
- First-time buyers were 29% of sales in February, unchanged from January and down from 31% a year ago
- All-cash sales were 24% of transactions in February, versus 22% in January and the highest since February 2017
- The key takeaway from the report remains the same: notable supply constraints continue to act as a drag on overall sales. The limited inventory -- and the high prices on available inventory -- is crimping affordability, particularly for first-time buyers; moreover, all prospective buyers are going to feel added affordability pressures from rising mortgage rates.
|Existing Home Sales
|Median Price Y/Y