The national median price for an existing home dropped from February 2022 to last month, marking the first year-over-year decrease in prices since February 2012.
Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Fifty-seven percent of homes sold in February were on the market for less than a month.
All-cash sales accounted for 28% of transactions in February, down from 29% in January but up from 25% in February 2022. Distressed sales – foreclosures and short sales – represented 2% of sales in February, nearly identical to last month and one year ago.averaged 6.60% as of March 16. That’s down from 6.73% from the previous week but up from 4.16% one year ago.Single-family home sales soared to a seasonally adjusted annual rate of 4.14 million in February, up 15.3% from 3.59 million in January but down 21.4% from the previous year. The median existing single-family home price was $367,500 in February, down 0.
In the Midwest, existing home sales grew 13.5% from the previous month to an annual rate of 1.09 million in February, declining 18.7% from one year ago. The median price in the Midwest was $261,200, up 5.0% from February 2022.
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