Skip to content
Current-Residence Gross sales Surged 14.5% in February, Ending 12-Month Streak of Declines

WASHINGTON (March 21, 2023) – Current-home gross sales reversed a 12-month slide in February, registering the most important month-to-month proportion enhance since July 2020, based on the Nationwide Affiliation of REALTORS®. Month-over-month gross sales rose in all 4 main U.S. areas. All areas posted year-over-year declines.

Complete existing-home gross sales,1 – accomplished transactions that embody single-family houses, townhomes, condominiums and co-ops – vaulted 14.5% from January to a seasonally adjusted annual fee of 4.58 million in February. Yr-over-year, gross sales fell 22.6% (down from 5.92 million in February 2022).

“Aware of fixing mortgage charges, house consumers are making the most of any fee declines,” mentioned NAR Chief Economist Lawrence Yun. “Furthermore, we’re seeing stronger gross sales beneficial properties in areas the place house costs are lowering and the native economies are including jobs.”

Complete housing stock2 registered on the finish of February was 980,000 items, similar to January and up 15.3% from one 12 months in the past (850,000). Unsold stock sits at a 2.6-month provide on the present gross sales tempo, down 10.3% from January however up from 1.7 months in February 2022.

“Stock ranges are nonetheless at historic lows,” Yun added. “Consequently, a number of gives are returning on an excellent variety of properties.”

The median existing-home worth3 for all housing sorts in February was $363,000, a decline of 0.2% from February 2022 ($363,700), as costs climbed within the Midwest and South but waned within the Northeast and West. This ends a streak of 131 consecutive months of year-over-year will increase, the longest on file.

Properties usually remained available on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Fifty-seven % of houses bought in February have been available on the market for lower than a month.

First-time consumers have been chargeable for 27% of gross sales in February, down from 31% in January and 29% in February 2022. NAR’s 2022 Profile of Residence Patrons and Sellers – launched in November 20224 – discovered that the annual share of first-time consumers was 26%, the bottom since NAR started monitoring the information.

All-cash gross sales accounted for 28% of transactions in February, down from 29% in January however up from 25% in February 2022.

Particular person traders or second-home consumers, who make up many money gross sales, bought 18% of houses in February, up from 16% in January however down from 19% in February 2022.

Distressed gross sales5 – foreclosures and quick gross sales – represented 2% of gross sales in February, practically similar to final month and one 12 months in the past.

In accordance with Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of March 16. That is down from 6.73% from the earlier week however up from 4.16% one 12 months in the past.

Single-family and Rental/Co-op Gross sales

Single-family house gross sales soared to a seasonally adjusted annual fee of 4.14 million in February, up 15.3% from 3.59 million in January however down 21.4% from the earlier 12 months. The median current single-family house worth was $367,500 in February, down 0.7% from February 2022.

Current condominium and co-op gross sales have been recorded at a seasonally adjusted annual fee of 440,000 items in February, up from 410,000 in January however down 32.3% from one 12 months in the past. The median current apartment worth was $321,000 in February, an annual enhance of two.5%.

“Proudly owning a house supplies a path to long-term monetary safety and is a car by which to switch wealth to future generations,” mentioned NAR President Kenny Parcell, a REALTOR® from Spanish Fork, Utah, and broker-owner of Fairness Actual Property Utah. “REALTORS® ship professional steerage, objectivity and professionalism to customers through the advanced course of of buying a house.”

Regional Breakdown

Current-home gross sales within the Northeast improved 4.0% from January to an annual fee of 520,000 in February, down 25.7% from February 2022. The median worth within the Northeast was $366,100, down 4.5% from the earlier 12 months.

Within the Midwest, existing-home gross sales grew 13.5% from the earlier month to an annual fee of 1.09 million in February, declining 18.7% from one 12 months in the past. The median worth within the Midwest was $261,200, up 5.0% from February 2022.

Current-home gross sales within the South rebounded 15.9% in February from January to an annual fee of two.11 million, a 21.3% lower from the prior 12 months. The median worth within the South was $342,000, a rise of two.7% from one 12 months in the past.

Within the West, existing-home gross sales rocketed 19.4% in February from the prior month to an annual fee of 860,000, down 28.3% from the earlier 12 months. The median worth within the West was $541,100, down 5.6% from February 2022.

The Nationwide Affiliation of REALTORS® is America’s largest commerce affiliation, representing greater than 1.5 million members concerned in all features of the residential and business actual property industries. The time period REALTOR® is a registered collective membership mark that identifies an actual property skilled who’s a member of the Nationwide Affiliation of REALTORS® and subscribes to its strict Code of Ethics.

# # #

For native data, please contact the native affiliation of REALTORS® for knowledge from native a number of itemizing providers (MLS). Native MLS knowledge is probably the most correct supply of gross sales and worth data in particular areas, though there could also be variations in reporting methodology.

NOTE: NAR’s Pending Residence Gross sales Index for February is scheduled for launch on March 29, and Current-Residence Gross sales for March can be launched on April 20. Launch occasions are 10 a.m. Japanese.

Details about NAR is on the market at This and different information releases are posted within the newsroom at Statistical knowledge on this launch, in addition to different tables and surveys, are posted within the “Analysis and Statistics” tab.

1 Current-home gross sales, which embody single-family, townhomes, condominiums and co-ops, are based mostly on transaction closings from A number of Itemizing Providers. Adjustments in gross sales traits exterior of MLSs will not be captured within the month-to-month sequence. NAR benchmarks house gross sales periodically utilizing different sources to evaluate total house gross sales traits, together with gross sales not reported by MLSs.

Current-home gross sales, based mostly on closings, differ from the U.S. Census Bureau’s sequence on new single-family house gross sales, that are based mostly on contracts or the acceptance of a deposit. Due to these variations, it’s not unusual for every sequence to maneuver in several instructions in the identical month. As well as, existing-home gross sales, which account for greater than 90% of whole house gross sales, are based mostly on a a lot bigger knowledge pattern – about 40% of a number of itemizing service knowledge every month – and usually will not be topic to massive prior-month revisions.

The annual fee for a specific month represents what the whole variety of precise gross sales for a 12 months can be if the relative tempo for that month have been maintained for 12 consecutive months. Seasonally adjusted annual charges are utilized in reporting month-to-month knowledge to issue out differences due to the season in resale exercise. For instance, house gross sales quantity is generally larger in the summertime than within the winter, primarily due to variations within the climate and household shopping for patterns. Nevertheless, seasonal components can’t compensate for irregular climate patterns.

Single-family knowledge assortment started month-to-month in 1968, whereas apartment knowledge assortment started quarterly in 1981; the sequence have been mixed in 1999 when month-to-month assortment of apartment knowledge started. Previous to this era, single-family houses accounted for greater than 9 out of 10 purchases. Historic comparisons for whole house gross sales previous to 1999 are based mostly on month-to-month single-family gross sales, mixed with the corresponding quarterly gross sales fee for condos.

2 Complete stock and month’s provide knowledge can be found again by means of 1999, whereas single-family stock and month’s provide can be found again to 1982 (previous to 1999, single-family gross sales accounted for greater than 90% of transactions and condos have been measured solely on a quarterly foundation).

3 The median worth is the place half bought for extra and half bought for much less; medians are extra typical of market situations than common costs, that are skewed larger by a comparatively small share of upper-end transactions. The one legitimate comparisons for median costs are with the identical interval a 12 months earlier on account of seasonality in shopping for patterns. Month-to-month comparisons don’t compensate for seasonal modifications, particularly for the timing of household shopping for patterns. Adjustments within the composition of gross sales can distort median worth knowledge. Yr-ago median and imply costs generally are revised in an automatic course of if extra knowledge is obtained.

The nationwide median apartment/co-op worth typically is larger than the median single-family house worth as a result of condos are concentrated in higher-cost housing markets. Nevertheless, in a given space, single-family houses usually promote for greater than condos as seen in NAR’s quarterly metro space worth studies.

4 Survey outcomes characterize owner-occupants and differ from individually reported month-to-month findings from NAR’s REALTORS® Confidence Index, which embody all forms of consumers. The annual examine solely represents main residence purchases, and doesn’t embody investor and trip house consumers. Outcomes embody each new and current houses.

5 Distressed gross sales (foreclosures and quick gross sales), days on market, first-time consumers, all-cash transactions and traders are from a month-to-month survey for the NAR’s REALTORS® Confidence Index, posted at


Leave a Reply

Your email address will not be published. Required fields are marked *