Market Snapshot | February 2024

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

Closed Sales decreased 4.2 percent for existing homes and 18.5 percent for new homes. Pending Sales increased 18.4 percent for existing homes and 41.7 percent for new homes. Inventory increased 2.5 percent for existing homes but decreased 19.4 percent for new homes.

The Median Sales Price was up 7.2 percent to $268,000 for existing homes and 0.7 percent to $519,950 for new homes. Days on Market increased 7.7 percent for existing homes and 55.9 percent for new homes. Supply increased 18.2 percent for existing homes but increased 13.4 percent for new homes.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.