Get Our Email Newsletter

Sales of Existing Homes Down in February

NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida, says many Realtors are saying instances of multiple bids and affordable homes going under contract quickly are common in their markets. “With low supply this spring buying season, it’s easy for buyers to get discouraged when their offer is rejected in favor of a higher bid,” he said. “That’s why it’s important for buyers to stay patient and work with a Realtor to develop a negotiation strategy that ensures success without overstretching their budget.”

Matching the highest share since May 2015, distressed sales5 – foreclosures and short sales – rose slightly to 10% in February, up from 9% in January but down from 11% a year ago. 7% of February sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 17% below market value in February (13% in January), while short sales were discounted 16% (12% in January).

Single-family and Condo/Co-op Sales
Single-family home sales fell 7.2% to a seasonally adjusted annual rate of 4.51 million in February from 4.86 million in January, but are still 2.0% higher than the 4.42 million pace a year ago. The median existing single-family home price was $212,300 in February, up 4.3% from February 2015.

LBM Resources

White Paper: McCabe Lumber Generates Precise Take-Offs in Half the Time

  McCabe Lumber Generates Precise Take-Offs in Half the Time, Freeing up Sales Staff for Growth Download this paper to learn about: A better way to take...

Existing condominium and co-op sales decreased 6.6% to a seasonally adjusted annual rate of 570,000 units in February from 610,000 in January, but are still 3.6% above February 2015 (550,000 units). The median existing condo price was $198,900 in February, which is 5.1% above a year ago.

February existing-home sales in the Northeast descended 17.1% to an annual rate of 630,000, but are still 5.0% above a year ago. The median price in the Northeast was $239,700, which is 0.8% below February 2015.

In the Midwest, existing-home sales sank 13.8% to an annual rate of 1.12 million in February – unchanged from February 2015. The median price in the Midwest was $162,700, up 6.3% from a year ago.

- Advertisement -

Existing-home sales in the South decreased 1.8% to an annual rate of 2.20 million in February, but are still 3.3 percent above February 2015. The median price in the South was $186,400, up 5.0% from a year ago.

Existing-home sales in the West declined 3.4% to an annual rate of 1.13 million in February, but are still 0.9% higher than a year ago. The median price in the West was $308,800, which is 7.0% above February 2015.

Source: National Association of Realtors

Get our free newsletter

Join thousands of other lumber and building material industry leaders and keep up with the companies, people, products and issues shaping the industry.

What's New

Digital Partners

Become a digital partner ...

Sales Comp Study

Download this 55-page, in-depth study by LBM Journal of industry trends in sales force compensation and benefits. See how your organization stacks up.

Webinars

- Advertisement -

White Papers

View all ...

- Advertisement -

Partner Content

View all ...

- Advertisement -

Registration is now open for the LBM Strategies 2024 Conference