February Home Sales Increase Sets Stage for Spring Market, RE/MAX Finds
(Illustration: David McElwee/pexels.com)
February home sales increased 8.4% over January–about half of the month-to-month average sales increases seen in the previous two Februarys–according to RE/MAX, Denver.
Home sales were down 2.6% from sales one year ago, RE/MAX said in its March Housing Report. Despite the smaller month-to-month increase, February’s growth in home sales could still indicate momentum for March home sales that typically post the highest monthly sales jump – averaging 31% the last three years.
“As is typical heading into the spring market, home sales rose in February, and the market appears to be on the right trajectory to grow as we enter the spring selling season,” said RE/MAX Holdings CEO Erik Carlson. “It’s crucial to have abundant inventory for buyers, and we are seeing inventory trend in the right direction.”
“It’s important to remember that real estate is local, with varying trends across different regions,” Carlson added. “Buyers and sellers should work with trusted advisors who understand their specific markets to navigate these fluctuations effectively.”
Other noteworthy metrics:
Buyers paid 99% of the asking price in February – up from 98% in January and flat year-over-year.
Days on Market dropped to 51 days after rising to 56 in January. But home sales took six days longer than a year ago.
Months’ Supply of Inventory was 2.7, down from 2.9 in January but up from 1.9 in February 2024.
The report said San Diego witnessed the biggest year-over-year increase in new listings in February, jumping more than 50%.
February’s Median Sales Price across the 52 metro areas surveyed was $423,000. That was just $3,000 (0.6%) higher than January and nearly $13,000 (3.1%) more than a year ago.
Inventory increased 2.9% in February, compared to January. It has grown month-over-month 10 out of the last 12 months and is 33.9% higher than a year ago. New listings dropped 3.0% from January – a stark contrast to last month’s big climb of 53.7% – and were 0.1% higher year over year.
