February Existing Homes Sales Down, but Remain Ahead of Last Year

According to a recent press release by the National Association of Realtors®, the number of existing home sales dipped in February, but remain higher than February of 2011.

"Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 0.9 percent to a seasonally adjusted annual rate of 4.59 million in February from an upwardly revised 4.63 million in January, but are 8.8 percent higher than the 4.22 million-unit level in February 2011," the release stated.

NAR chief economist, Lawrence Yun, anticipates a higher demand in both homeownership and rental space this year, due to "recod high consumer buying power and sustained job gains giving home buyers the confidence they need to get into the market."

Here are a few more key points outlined in the data...

• Total housing inventory at the end of February rose 4.3% to 2.43 million existing homes available for sale, representing a 6.4-month supply at the current sales pace. 
• All cash sales rose to 33% of transactions in February from 31% in January. 
• The median sale prices for the Northeast, Midwest, South and West were $225,800, $120,500, $138,100 and $195,300, respectively. 

 Read the full article here: http://www.realtor.org/press_room/news_releases/2012/03/ehs_feb