Home sales in February rose 0.8 percent over those in January to a seasonably adjusted annual rate of 4.98 million, which is 10.2 percent above last year’s level, according the National Association of Realtors.
Additionally, total housing inventory at the end of February rose 9.6 percent to 1.94 million existing homes for sale, representing a 4.7-month supply at the current sales pace. This is an increase from 4.3 months in January, which was reportedly the lowest supply since May 2005. Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply.
And the national median existing-home price for all housing types was $173,000 in February, up 11.6 percent from February 2012. The National Association of Realtors says a strong rise in home values is contributing to housing wealth recovery.
Distressed homes — such as foreclosures and short sales — reportedly accounted for 25 percent of February sales, up from 23 percent in January but down from 34 percent in February 2012. Of February sales, 15 percent were foreclosures and 10 percent were short sales.
For more information, visit www.realtor.org.
