Closed sales of existing homes across the border in February dropped a larger-than-expected 6.6% compared with January,
Information released Monday by the National Association of Realtorssays the figure puts such homes at a seasonally-adjusted, annualized rate of 6.22 million units, which was 9.1% higher compared with February 2020.
Despite being on the cusp of the historically busy spring housing market, homeowners stateside are not listing their properties for sale at the pace they normally would this time of year. The supply of homes for sale fell 29.5% year over year, the largest annual decline ever, to 1.03 million homes.
At the current sales pace, it would take two months to exhaust this supply. One year ago, there was a three-month supply, also considered low.
That tight supply continues to fuel home prices, which were 15.8% higher in February year over year. The median price of an existing home sold during the month was $313,000. That is the highest February price on record. Prices are rising due to bidding wars for homes, but the median was also skewed higher because more sales are occurring on the higher end of the market.
Sales of homes priced above $1 million were 81% higher compared with a year ago. Homes priced between $100,000 and $250,000 fell 11%.
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