Sales Bounced Back in the US in February

Article originally posted on HERE on March 22, 2018

Despite consistently low inventory levels and faster price growth, existing home sales in the United States bounced back in February after two straight months of declines, the latest national index shows.

Sales increased by 3% in February and are now 1.1% above February 2017 but transactions were uneven across the country, according to the report from the National Association of Realtors (NAR).

There was a big jump in sales in the South and West and prices also increased substantially in the West and in many regions affordability continues to be an issue. Overall the median price of a home increased by 5.9% year on year to $241,700 and prices have now increased for 72 months in a row.

A breakdown of the figures show that sales in the Northeast fell 12.3% and are now 7.2% below a year ago. The median price in the Northeast was $258,900, some 3.6% above February 2017.

In the Midwest, sales fell 2.4% and are unchanged from a year ago. The median price in the Midwest was $179,400, up 4.5% from a year ago.

Sales in the South jumped 6.6% and are now 3.4% while the median price in the South was $215,700, up 5.4% year on year,

In the West sales increased strongly by 11.4% and are now 2.4% above a year ago. The median price in the West was $370,600, up 9% from February 2017.