February sees sales of existing homes rise

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2022 Profile of Home Buyers and Sellers – released in November 2022 –found that the annual share of firsttime buyers was 26 percent, the lowest since NAR began tracking the data.

All-cash sales accounted for 28 percent of transactions in February, down from 29 percent in January but up from 25 percent in February 2022.

Individual investors or secondhome buyers, who make up many cash sales, purchased 18 percent of homes in February, up from 16 percent in January but down from 19 percent in February 2022.

Distressed sales – foreclosures and short sales – represented 2 percent of sales in February, nearly identical to last month and one year ago.

According to Freddie Mac, the 30year fixed-rate mortgage averaged 6.60 percent as of March 16. That’s down from 6.73 percent from the previous week but up from 4.16 percent one year ago.

Single-family and Condo/Coop Sales

Single-family home sales soared to a seasonally adjusted annual rate of 4.14 million in February, up 15.3 percent from 3.59 million in January but down 21.4 percent from the previous year. The median existing single-family home price was $367,500 in Feb- ruary, down 0.7 percent from February 2022.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 440,000 units in February, up from 410,000 in January but down 32.3 percent from one year ago. The median existing condo price was $321,000 in February, an annual increase of 2.5 percent.

“Owning a home provides a path to long-term financial security and is a vehicle by which to transfer wealth to future generations,” said NAR President Kenny Parcell, a REALTOR from Spanish Fork, Utah, and brokerowner of Equity Real Estate Utah.

“REALTORS deliver expert guidance, objectivity and professionalism to consumers during the complex process of purchasing a home.”

Regional Breakdown

Existing-home sales in the Northeast improved 4.0 percent from January to an annual rate of 520,000 in February, down 25.7 percent from February 2022. The median price in the Northeast was $366,100, down 4.5 percent from the previous year.

In the Midwest, existing-home sales grew 13.5 percent from the previous month to an annual rate of 1.09 million in February, declining 18.7 percent from one year ago. The me-

$261,200, up 5.0 percent from February 2022.

Existing-home sales in the South rebounded 15.9 percent in February from January to an annual rate of 2.11 million, a 21.3 percent decrease from the prior year. The median price in the South was $342,000, an increase of 2.7 percent from one year ago.

In the West, existing-home sales rocketed 19.4 percent in February from the prior month to an annual rate of 860,000, down 28.3 percent from the previous year. The median price in the West was $541,100, down 5.6 percent from February 2022.