Money

Thursday, March 20, 2025

Existing Home Sales During February 2025

Existing Home Sales report for February 2025 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 4,090,000

Actual: 4,260,000

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Change from Previous Month: +4.16% (+170,000 homes)
Change from A Year Ago: -1.16% (-50,000 homes)

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Inventory: 1,240,000 homes.

(3.5 months supply | +180,000 [+16.98%] Year-on-Year.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price: $398,400
Price Change from A Year Ago: +3.8% (+$14,600)

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Click here for historical prices and a chart.

Click here for New Home Sales Data.

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From Today's Report:

"...'Home buyers are slowly entering the market,' said NAR Chief Economist Lawrence Yun. 'Mortgage rates, have not changed much, but more inventory and choices are releasing pent-up housing demand."

'On a technical note, raw sales in February were down 5.2% from last year, which was a leap year with one extra day of business,' Yun added. 'However, after adjusting for this effect, combined with the winter seasonal factors, the momentum for home sales is flashing encouraging signs.'

'Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners,' Yun said. "That means a gain of nearly $1.3 trillion in home value appreciation at a time when the current stock market is undergoing a correction. Moreover, the ongoing housing shortage, coupled with historically low mortgage default rates, implies a solid foundation for home values.'..."

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INFOGRAPHIC: Existing Home Sales
FEBRUARY 2025 UPDATE

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Click here to view the NAR data.

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Labels: existing_home_sales, hard_data, homes, housing, Housing_Recession, preowned_homes, property, real_estate, used_homes

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Friday, January 24, 2025

Existing Home Sales During December 2024

Existing Home Sales report for December 2024 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 4,150,000

Actual: 4,240,000

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Change from Previous Month: +2.17% (+90,000 homes)
Change from A Year Ago: +9.33% (+362,000 homes)

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Inventory: 1,150,000

(3.3 months supply | +16.16% Year-on-Year.)

Median Price: $404,400
Price Change from A Year Ago: +6.03% (+$23,000)

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Click here for historical prices and a chart.

Click here for New Home Sales Data.

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From Today's Report:

"...'Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,' said NAR Chief Economist Lawrence Yun. 'Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months. Consumers clearly understand the long-term benefits of homeownership. Job and wage gains, along with increased inventory, are positively impacting the market.'

'The median home price was elevated partly due to the upper-end market’s relative better performance,' Yun added. 'Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000.'..."