February saw a surprising 4.2% increase in home resales from January, reaching 4.26 million units annually. This defied industry predictions of a 3% decline. Despite this rise, sales were still 1.2% lower than the previous year’s February. The data reflects closings from contracts signed in December and January, a period when mortgage rates hit 7% for the 30-year fixed rate. Currently, rates hover in the high 6% range. Inventory increased by 17% year-over-year to 1.24 million units, yet this only represents a 3.5-month supply at the current sales pace, far below the balanced market threshold of six months. The median home price soared to a February record of $398,400, marking a 3.8% increase from last year. Sales in the highest price tier, above $750,000, were the only category to see annual growth. First-time buyers comprised 31% of sales, up from 26% the previous year, while investor purchases dropped to 16% from 21%. All-cash transactions held steady at 32%. Despite the uptick in sales, a separate survey indicated that 53% of real estate agents felt the spring resale market was weaker than normal.
Nick Gerli
@nickgerli1
·
1h Existing home sales came in at 4.26 million annualized in Feb 2025.
Lowest transaction level for February in 14 years.
Down about 32% from the pandemic peak.
Not good for housing market. Buyer demand is still dropping.
Nick Gerli
@nickgerli1
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Mar 1 February 2025 housing data is in.
Supply is now up to 847,000 home on re-sale market. Highest level since Feb 2020.
That supply count is up a massive 28% YoY.
We’re almost back to pre-pandemic inventory.
NAR Research
@NAR_Research
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2h Total existing-home sales progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. #NAREHS
DoubleLine Minutes
@DLineMinutes
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42m Existing-home sales rose +4.2%MoM in February to a seasonally adjusted annual rate of 4.26m.
Single-family sales increased +5.7%MoM; multi-family -9.8%MoM.
Sniper Trades
@SnipeTrades
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2h Existing home sales rebounded sharply in February, marking a 4.2% monthly increase, while median prices inched closer to the $400,000 milestone.
With inventory rising but still tight, some analysts say the housing market may be setting up for another leg higher, potentially
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