Existing-home sales surged. 3/22/2023
Wed Mar 23
Existing-home sales surged 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February—its largest monthly percentage increase since July of 2020, according to the National Association of REALTORS®’ (NAR) most recent existing-home sales report.
While year-over-year sales fell 22.6%, month-over-month sales rose in all four major U.S. regions, and all regions posted YoY declines. NAR’s latest data shows the overall jump reversed a 12-month decrease.
- Total housing inventory was at 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months last year.
- The median existing-home price for all housing types was $363,000, a decline of 0.2% from last year ($363,700). This ends a streak of 131 consecutive months of YoY increases, the longest on record.
- Properties typically remained on the market for 34 days, up from 33 days in January and 18 days last year. Of homes sold, 57% were on the market for less than a month.
- First-time buyers were responsible for 27% of sales, down from 31% in January and 29% one year ago.
- All-cash sales accounted for 28% of transactions, down from 29% in January but up from 25% last year. Individual investors, or second-home buyers, who make up many cash sales, purchased 18% of homes, up from 16% in January but down from 19% one year ago.
- Distressed sales—foreclosures and short sales—represented 2% of sales, nearly identical to last month and one year ago.