There were 67.8% more homes for sale in February compared to the same time in 2022. This means that there were 234,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 47.4% lower than it was before the pandemic in 2017 to 2019, nationwide.
In February, the number of homes newly-listed for sale declined by 15.9% compared to the same time last year. This is a higher rate of decline than last month’s 10.4% decrease but it’s still an improvement from the declines seen in November and December. However, new listings remain 27.0% below pre-pandemic 2017 to 2019 levels.
The national median list price grew to $415,000 in February, up from $406,000 in January. However, it is down from a record high of $449,000 in June (-7.6%). This median list price represents a yearly growth rate of 7.8%, which is lower than January’s 9.7% growth rate.
Saving money, safety, and space are the most important factors for those planning to move in the near future.
Buyers have begun returning to the market as mortgage rates declined slightly earlier in the year, existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to NAR. #NAREHS
Home prices are finally declining, ending longest streak in growth. Who are the homebuyers?
Existing-home sales reversed a 12-month slide in February while home prices fell year-over-year, ending the longest price growth streak on record.
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"The 10-year Treasury yield dropped below 3.5%...this softer rate hike can help mortgage rates to move closer to 6% while the broader economic effects of the recent banking failures are still uncertain."
This report takes a deep dive into why homeowners complete outdoor remodeling projects, the value of taking on lawn and landscape upgrades and enhancements, and the increased happiness experienced by homeowners once an upgrade is completed.
Remodeling Impact Report: Outdoor Features
Learn why homeowners tackle outdoor remodeling projects, about projects' resale value, and about owners' increased happiness once a project is done.
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"Apart from other numerous costs, complying with regulations can account for 40% of construction costs. The presence of NIMBYism in a community adds a 5.6% increase in development costs and 7.4 months of delay." - Dr. Walter #NARForecastSummit
"While we have high levels of apartment construction, they are not being built everywhere across the country and are largely Class A. We need to increase construction at other price points." #NARForecastSummit
"We estimate that we need to built 4.3 million more apartment units by 2035, at a variety of price points." - Dr. Walter #NARForecastSummit
"Most of the apartment rent growth is within Class A apartments, but is also guided by increased costs like insurance payments, maintenance and more. These rent increases are not 100% profit." - Dr. Walter of @ApartmentWire #NARForecastSummit
"Multifamily sales of $2.5M and above saw historic levels during the pandemic, but have essentially come to a halt." - Dr. Walter #NARForecastSummit
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