The latest RE/MAX National Housing Report, corresponding to the month of February 2023, indicates that despite having decreased by 24.4% year after year, home sales increased 16.8% from January, representing the largest increase in 11 monthsdata that also ends a 5-month streak of declines in sales that began in September.
According to RE/MAX, median sales price of $385,000 increased 0.6% over Januaryending a 7-month streak of price declines from a June 2022 high of $426,000: “Although home prices increased slightly month-over-month, February marked the first price decline year-over-year since January 2012, as the median was 1.3% lower than a year ago ($390,000).
Regarding inventory, it increased year-over-year for the tenth consecutive month, and the number of homes for sale in the 50 metro areas in the report was 55% higher than a year ago.
“Prices have stabilized and demand is strongbut the lack of available affordable housing remains a challenge,” said Nick Bailey, RE/MAX President and CEO.
“Mortgage rates are top of mind for many homebuyers and, as they go up or down, sales activity should generally follow suit. That is an important factor to keep in mind as we move into the spring,” Bailey added.
For Laurie Thiel, broker/owner of RE/MAX Equity Group in Beaverton, Oregon, her area is already seeing an increase in demand and activity: “As the market has stabilized, our agents experience increased activity with home buyers and sellers. Although the time to sell a home has increased, inventory in the Portland metro market remains limited.”
Other notable metrics in the February 2023 RE/MAX National Housing Report include:
– The monthly supply of inventory in February was 1.7below 2.0 in January, but well above 1.0 in February 2022.
– The average near-list price ratio for February was 98%, which means that, on average, lHomes sold for 2% less than the asking price. In January, the proportion was 97%.
– The homes sold in February were on the market an average of 45 days3 days less than in January, but two weeks more than a year ago.
You may also like:
– The most affordable housing markets in the US for March 2023
– Homes over $1 million in the US are declining due to higher mortgage rates
– Mortgage rates fall in the US after 5 consecutive increases