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RE/MAX: Home Sales Up in February

Phil Hall
Mar 17, 2016
After three straight weeks of declines, mortgage rates saw minimal movement in Freddie Mac’s latest Primary Mortgage Market Survey (PMMS)

According to the latest National Housing Report from RE/MAX, home sales in February were up 4.8 percent on a year-over-year measurement and up 5.8 percent from January. Thirty-eight of the 53 metro areas tracked by RE/MAX saw higher sales on a year-over-year basis and 16 experiencing double-digit increases, most notably four New England markets: Providence, R.I. (up 23.1 percent), Manchester, N.H.(20.5 percent), Augusta, Maine (19.3 percent) and Hartford, Conn. (18.2 percent).

RE/MAX also reported that the median sales price for all homes sold in February was $198,000, up 5.9 percent from a year earlier but down one percent from the previous month. The average number of days on market for all homes sold last month was 76, up five days from January but four days lower than the average in February 2015. And the number of homes for sale in February was 1.3 percent below January’s level and 13.3 percent lower than in February 2015.

“So far in 2016, January and February have both seen home sales at a pace higher than one year ago, and last year was one of the best our industry has seen in quite some time,” said Dave Liniger, RE/MAX CEO and chairman. “Consumers are benefiting from price increases that have been moderating, but many will still be dealing with an inventory lower than we’d like to see. Serious homebuyers who choose to work with an experienced agent will have a much easier time navigating this market.”

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