by Dismal-Jellyfish
Supply: www.newyorkfed.org/analysis/home-price-index
From the Nationwide Affiliation of Realtors:
- The median existing-home gross sales worth decreased 0.2% from the earlier 12 months to $363,000.
- Present-home gross sales jumped 14.5% in February to a seasonally adjusted annual fee of 4.58 million, snapping a 12-month slide and representing the biggest month-to-month share enhance since July 2020 (+22.4%). In comparison with one 12 months in the past, nonetheless, gross sales retreated 22.6%.
- The stock of unsold current houses was unchanged from the prior month at 980,000 on the finish of February, or the equal of two.6 months’ provide on the present month-to-month gross sales tempo.
- down 10.3% from January however up from 1.7 months in February 2022.
- The median existing-home price3 for all housing sorts in February was $363,000, a decline of 0.2% from February 2022 ($363,700), as costs climbed within the Midwest and South but waned within the Northeast and West.
- This ends a streak of 131 consecutive months of year-over-year will increase, the longest on document.
- Properties usually remained in the marketplace for 34 days in February, up from 33 days in January and 18 days in February 2022.
- Fifty-seven % of houses bought in February had been in the marketplace for lower than a month.
- First-time consumers had been accountable for 27% of gross sales in February, down from 31% in January and 29% in February 2022.
- NAR’s 2022 Profile of Residence Consumers and Sellers – launched in November 2022 – discovered that the annual share of first-time consumers was 26%, the bottom since NAR started monitoring the information.
- All-cash gross sales accounted for 28% of transactions in February, down from 29% in January however up from 25% in February 2022.
- Particular person traders or second-home consumers, who make up many money gross sales, bought 18% of houses in February, up from 16% in January however down from 19% in February 2022.
- Distressed gross sales – foreclosures and quick gross sales – represented 2% of gross sales in February, practically similar to final month and one 12 months in the past.
- In response to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of March 16. That’s down from 6.73% from the earlier week however up from 4.16% one 12 months in the past.
- Single-family residence gross sales soared to a seasonally adjusted annual fee of 4.14 million in February, up 15.3% from 3.59 million in January however down 21.4% from the earlier 12 months.
- The median current single-family residence worth was $367,500 in February, down 0.7% from February 2022.
- Present condominium and co-op gross sales had been recorded at a seasonally adjusted annual fee of 440,000 models in February, up from 410,000 in January however down 32.3% from one 12 months in the past.
- The median current condominium worth was $321,000 in February, an annual enhance of two.5%.