Market Report - February 2024

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New Listings were up 28.3 percent for single family homes and 18.2 percent for Condo/TIC/Coop properties. Pending Sales increased 31.7 percent for single family homes and 33.7 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 9.7 percent to $1,580,000 for single family homes but decreased 5.0 percent to $1,104,000 for Condo/TIC/Coop properties. Months Supply of Inventory remained flat for single family units but was up 12.9 percent for Condo/TIC/Coop units.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

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