February 2015 existing housing sales increased 4.7 percent from a year ago, on pace to a seasonally adjusted annualized rate (SAAR) of 4.88 million according to the National Association of Realtors®. The median price in February was $202,500, a year-over-year gain of 7.5 percent.
The following graph show the monthly home sales (not seasonally adjusted) and the median price since 2009.
Other information in the February sales release included:
- One-out-of-three homes (34 percent) were on the market for less than one month
- The typical home was on the market 62 days in February, with short sales at 120 days median, foreclosures 58 days, and non-distressed sales at 61 days
- Foreclosures sold for an average 17 percent less than non-distressed properties, while short sales were discounted 15 percent
- First-time homebuyers made up three-of-every 10 February transactions (29 percent), the first increase measured since last November
- Buyers paid all-cash in one-out-of every four transactions (26 percent), down significantly from the 35 percent observed a year ago
- Investors accounted for 17 percent (one-out-of every six) sales and paid cash two-thirds of the time (67 percent). A year ago investors represented 21 percent of all transactions
- 1.89 million homes were listed and available for sale at the end of February 2015, unchanged from the 1.90 million a year ago
- At the current sales pace there is a 4.6 month inventory of homes available for sale with six months considered normal
- The year-over-year median home price has now increased 36 consecutive months
- Home sales in the South were up 6 percent from a year ago, the Midwest up 4.9 percent, the West up 4.2 percent and Northeast up 3.6 percent
To read the entire NAR press release and access the data series click http://www.realtor.org/news-releases/2015/03/existing-home-sales-slightly-improve-in-february-price-growth-gains-steam
While home sales left the gate at a sluggish pace in January (weather for the second year in a row the culprit), February sales and strong job growth portends a brisker pace in 2015.
My personal expectations are for ongoing improvement in housing sales as the year progresses.
Ted