A 9.5% Increase

Existing home sales increased by 9.5% month-over-month in February.

This is a good sign for the housing market, as the number of transactions in 2023 was at a record low. 

But what exactly does it mean for you? Let’s break it down ⬇️

  1. Homes are selling. Data from the National Association of Realtors show that unsold inventory sits at a 2.9-month supply. Historically, anything under 6 months of supply is considered a seller’s market.

  2. Prices remain strong.  The median sales price in the U.S. increased by 5.7% year-over-year to $384,500. 

Locally, the number of existing home sales increased to 297 month-over-month in February, while the median home price (increased/decreased)  to $535,000.

With the spring market here, we’re seeing continued opportunities for home sellers. And the best week of the year to list a home for sale is almost here 👀

Click here to schedule a quick discovery call about what your home is worth in today’s market. 

 

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