U.S. Existing-Home Sales Climb in February as Inventory Grows
- Faundare Financial Research Institute
- Apr 25
- 2 min read
Updated: May 14
The U.S. housing market showed promising signs of recovery in February as existing-home sales increased month-over-month. According to new data, completed transactions for single-family homes, condos, and co-ops rose by 4.2% compared to January, reaching a seasonally adjusted annual pace of 4.26 million units. While year-over-year figures remain slightly down, the recent uptick may reflect pent-up demand finally entering the market.
Sales Activity: February saw a 4.2% monthly rise in existing-home sales, hitting an annualized rate of 4.26 million. However, sales dipped 1.2% compared to February 2024.
Market Commentary: Buyers are gradually re-entering the market amid stable mortgage rates and growing housing inventory.
Inventory Update: Total housing inventory stood at 1.24 million units by the end of February, marking a 5.1% monthly increase and 17% annual growth. The unsold inventory reflects a 3.5-month supply at the current pace.
Home Prices: The median price for existing homes reached $398,400 in February—up 3.8% year-over-year. All regions saw price increases.
Time on Market: Homes stayed on the market an average of 42 days, slightly up from the previous month and year.
Buyer Breakdown: First-time buyers accounted for 31% of purchases. Cash transactions made up 32%, while investors and second-home buyers represented 16%.
Mortgage Trends: The average 30-year fixed rate was 6.65% in mid-March—nearly unchanged from the prior week but slightly lower than the same period last year.
Property Type Stats:
Single-Family: Sales rose 5.7% month-over-month; median price was $402,500.
Condos/Co-ops: Sales declined 9.8%; median price was $355,100.
Regional Insights:
Northeast: Sales down 2%, but prices surged 10.4%.
Midwest: Sales unchanged; price up 5.8%.
South: Sales up 4.4%, but down annually; price up 1.9%.
West: Sales jumped 13.3%; prices up 3.6%.
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