Monthly Indicators
U.S. existing-home sales fell for the first time since September, slipping 4.9% monthover-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly yearover-year increase.
New Listings were up 4.3 percent to 679. Pending Sales decreased 25.9 percent to 370. Inventory grew 31.3 percent to 1,790 units.
Prices moved higher as Median Sales Price was up 7.0 percent to $304,900. Days on Market increased 4.1 percent to 76 days. Months Supply of Inventory was up 32.1 percent to 3.7 months, indicating that supply increased relative to demand.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
Housing Supply Overview
U.S. sales of new single-family homes dropped 10.5% month-overmonth and 1.1% year-over-year to a seasonally adjusted annual rate of 657,000 units, according to the U.S. Census Bureau. Economists polled by Reuters had forecast new-home sales to come in at 680,000 units for the month. Sales decreased 20% in the Northeast, 16.7% in the Midwest, and 14.8% in the South, but increased 7.7% in the West. For the 12-month period spanning March 2024 through February 2025, Pending Sales in the Western Upstate Association of REALTORS® region dropped 0.1 percent overall. The price range with the largest pending sales gain was the $500,001 to $750,000 range, where sales went up 18.1 percent.
The overall Median Sales Price increased 4.7 percent to $305,000. The property type with the largest gain was the Condos segment, where prices increased 10.1 percent to $250,000. The price range that tended to sell the quickest was the $150,000 and Below range at 52 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 91 days.
Market-wide, inventory levels rose 31.3 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 97.8 percent. That amounts to 3.6 months of inventory for Single-Family Homes and 4.7 months of inventory for Condos.
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