Home Prices End a Decade of Surges as Sales ReboundPrices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR

Dated: April 4 2023
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Prices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR’s latest housing report.
Existing-home sales ended a yearlong decline in February, posting gains for the first time in 12 months, the National Association of REALTORS® reported Tuesday. Existing-home sales increased 14.5% month over month—which marked the largest monthly gain since July 2020—reaching a seasonally adjusted annual rate of 4.58 million, NAR data shows. Still, total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—were down about 23% compared to a year earlier.
But February’s uptick is a hopeful sign that the housing market is adjusting to mortgage rates that are nearly double what they were a year ago. Many home buyers are still sitting on the sidelines ready to make a move. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” says NAR Chief Economist Lawrence Yun. “We’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
Home buyers don’t have an abundance of options. Inventory remains tight in many markets and is at historic lows, Yun adds. “Consequently, multiple offers are returning on a good number of properties.” Here’s a closer look at more key housing indicators from NAR’s latest housing report:
Here’s a closer look at how existing-home sales fared in February across the country:
Hello, I'm Travis Hiatt I'm the broker and owner of NextHome Beyond in North Liberty, IA. I work primarily in the Iowa City and Cedar Rapids metro areas of Iowa. I love Real Estate and sales and h....
Home Prices End a Decade of Surges as Sales ReboundPrices fell in February for the first time in 131 months, which could bring more buyers to the market just in time for spring, according to NAR
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