US Existing Home Sales Overview

In February, the United States witnessed a 4.2% monthly increase in existing home sales, reaching a seasonally adjusted annual rate of 4.26 million, according to the National Association of Realtors (NAR). However, this figure also represents a 1.2% decrease compared to the same period last year.

Price and Inventory Insights

The median sales price for existing homes across all housing types saw a significant rise, increasing by 3.8% year-over-year to $398,400. On the inventory front, total housing inventory at the end of February stood at 1.24 million units, marking a 5.1% increase from January and a substantial 17% jump from February 2024.

Market Dynamics

"The market is gradually welcoming more home buyers. Despite minimal changes in mortgage rates, the increased inventory and options are starting to meet the pent-up demand for housing," stated Lawrence Yun, NAR's Chief Economist.