Article via National Mortgage Professional Magazine
by Phil Hall
February saw the third consecutive month of year-over-year declines in home sales, according to new data from RE/MAX. Nonetheless, home prices continued to soar.
Last month saw a relatively 0.2 percent decline in home sales from one year earlier, although sales were up 3.5 percent from January. In the 52 metro areas tracked by RE/MAX, 26 markets recorded year-over-year sales increases, most notably Billings, Mont., with a 59.2 percent spike.
In February, the median sales price was $228,700, up 2.3 percent from January 2018 and up 8.1 percent from February 2017. Only two metro areas saw a year-over-year decrease in the median sales price—a 0.2 percent dip in Albuquerque, N.M., and 5.2 percent drop in Burlington, Vt.—while 18 metro areas increased year-over-year by double-digit percentages. February marked the 22nd consecutive month of year-over-year price increases.
The average number of days on the market for homes sold in February was 62, up two days from the average in January but down six days from the February 2017 average. The number of homes for sale in February was down 1 percent from January and down 13.7 percent from one year earlier. The inventory supply fell to 3.1 months from January’s 3.4 months; one year earlier, the rate was 3.6 months.