Existing-Home Sales Drop 3.7 Percent – NMP Skip to main content

Existing-Home Sales Drop 3.7 Percent

Mar 22, 2017
January marked the fifth straight month of declining sales for new single-homes, according to data from Redfin

Existing-home sales fell by 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January, according to new data from the National Association of Realtors (NAR). On a year-over-year measurement, however, sales were up by 5.4 percent.
 
The median existing-home price for all housing types in February was $228,400, up 7.7 percent from the $212,100 level one year earlier. February’s price increase was the greatest year-over-year gain since the 8.1 percent last January, and it marks the 60th consecutive month of year-over-year gains.
 
Total housing inventory at the end of February increased 4.2 percent to 1.75 million existing homes available for sale, but was 6.4 percent lower than a year ago (1.87 million). February marked the 21st consecutive month that inventory is down on a year-over-year basis. First-time buyers were responsible for 32 percent of sales in February, down from 33 percent in January but up from 30 percent a year ago.
 
“The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future,” said NAR Chief Economist Lawrence Yun. “Investors are still making up an above average share of the market right now despite steadily rising home prices and few distressed properties on the market, and their financial wherewithal to pay in cash gives them a leg-up on the competition against first-time buyers.”  
Existing-home sales fell by 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January
 
About the author
Published
Mar 22, 2017
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026