As reported by the National Association of Realtors, national existing home sales were up in February 2.9% to a pace of 5.03 million units, up from 4.89 million in January. This is still 23.8% below February 2007, but Lawrence Yun said “the improvement is another sign that the market is stabilizing.”
The national median home price is down from last year ($213,500) to $195,900, mostly the result of the slowdown in sales being greater in higher-cost areas.
Housing inventory rell 3% in February to 4.03 million units, representing a 9.6 month supply, down from a 10.2 month supply in January.
Single family homes rose 2.8%, 4.35 to 4.47 million, but is 22.9% below the 5.8 million unit level February 2007. Existing condo sales rose 3.7%, 540,000 to 560,000 and is 29.7% below the 797,000 unit pace in February 2007. The median existing condo price was $211,700 in February, down 4.9% than February 2007.
In the Northeast, existing home sales rose 11.3% and the median price is up .4% to $264,800. In the Midwest, existing home sales are up 2.5% and the median home price $143,900, 7.1% lower than February 2007. In the South, existing home sales is up 2.1% with the median home price at $163,400.
As reported by the National Association of Realtors, Existing Home Sales Rise in February.
Agents, how is the market treating you locally? Are you noticing any pick up in sales? I’m in the resort sales and marketing business and one of our projects is gaining traction with 2 homes under contract in last 30 days with four more deals in the works. Our background is in preconstruction sales, but we’ve found that buyers are not buying without something to touch and feel, something they can use now. I think all of the buyers we’re working with are lifestyle buyers, not investment buyers.
Are things picking up?