Thursday, March 20, 2014

Existing Home Sales Report: February 2014

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing weak sales with total home sales falling 0.4% since January dropping 7.1% below the level seen in February 2013.

Single family home sales also weakened dropping 0.2% from January falling a notable 6.9% below the level seen in February 2013 while the median selling price increased 9.0% above the level seen a year earlier.

Inventory of single family homes increased from January to 1.73 million units and climbed 4.8% above the level seen in February 2013 which, along with the sales pace, resulted in a monthly supply of 5.1 months.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.