Home sales weakened in February, after having started the year at the highest levels seen in nearly a decade according to the National Association of REALTORS®. One of the primary drivers of this decline was diminished inventory levels, primarily in the starter home category.
According to Freddie Mac, 30-year fixed rates ticked up from 4.15 percent to 4.23 percent. This rate remains well below the historical average of 8.90 percent.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of February. This was a decrease of 3.7 percent from January, and an increase of 8.1 percent from February of last year.
The median home price increased to $228,400 in February, which was up 0.5 percent from January and up 7.7 percent from February of last year. The median home price has increased by approximately $16,300 in the past year alone.
There was a 3.8-month supply of housing inventory in February, which was up 8.6 percent from January. The total number of available homes for sale decreased by 13.6 percent compared to February of last year.
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