Existing Home Sales Down 7.2% in February
The National Association of Realtors is reporting that existing home sales were down 7.2% in February to a seasonally-adjusted annual rate of 6.02 million (down 2.4% from one year ago). Total housing inventory at the end of February was 870k units, down 16.5% from one year ago. Unsold inventory sits at a 1.7 month supply at the current sales rate with properties remaining on the market for around 18 days. The median existing-home price for all housing types in February was $ 357,300, which was up 15.% from one year ago. The NAR says this marks 120 consecutive months of year-over-year increases, the longest-running streak on record.