Tuesday, March 22, 2016

Existing Home Sales Report: February 2016

Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing a notable decline with total home sales falling 7.1% since January but remaining 2.2% above the level seen a year earlier.

Single family home sales also slumped with sales falling a notable 7.2% from January but still rising 2.0% above the level seen a year earlier while the median selling price increased 2.3% over the same period.

Inventory of single family homes increased, rising 1.9% from January to 1.65 million units, falling 0.6% below the level seen in February 2015 which, along with the sales pace, resulted in a notably tight monthly supply of 4.4 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.