Skip to main content

Existing-Home Sales Up 11.8 Percent

Phil Hall
Mar 22, 2019
Photo credit: Getty Images/prachanart

Existing-home sales in February spiked by 11.8 percent from January to a seasonally adjusted rate of 5.51 million, the greatest largest month-over-month gain since December 2015, according to new data from the National Association of Realtors (NAR). On a year-over-year basis, however, sales were down by 1.8 percent from the 5.61 million level in February 2018.
 
“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound,” said NAR Chief Economist Lawrence Yun.
 
The median existing-home price for all housing types in February was $249,500, up 3.6 percent from the $240,800) price recorded one year earlier. February’s price increase marks the 84th straight month of year-over-year gains. The total housing inventory reached 1.63 million last month, up from 1.59 million existing homes available for sale in the previous month and up by 3.2 percent increase from 1.58 million in the previous year. Properties remained on the market for an average of 44 days in February, down from 49 days in January but higher than the 37-day average in February 2018. Forty-one percent of homes sold in February were on the market for less than a month.
 
“Existing-home sales bounced back in February after a sluggish start to the year. The 5.5 million sales pace last month was the strongest since March of last year, and is a sign that some buyers were able to shrug off some of the market uncertainty in late 2018 and early 2019," said Joel Kan, Associate Vice President of Economic and Industry Forecasting for the Mortgage Bankers Association (MBA). "Although home sales were still below where they were a year ago, we are optimistic that there will be more growth in purchase activity in the coming months as inventory increases, mortgage rates hover below year ago levels, wages continue to grow and more first-time buyers enter the market.”
Existing-home sales in February spiked by 11.8 percent from January to a seasonally adjusted rate of 5.51 million, the greatest largest month-over-month gain since December 2015

 
 
Published
Mar 22, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022