February 2025
U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
New Listings increased 4.3 percent for Single Family homes but decreased 7.8 percent for Condominium homes. Pending Sales decreased 11.3 percent for Single Family homes and 38.7 percent for Condominium homes. Inventory increased 58.0 percent for Single Family homes and 97.9 percent for Condominium homes.
Median Sales Price increased 9.7 percent to $1,395,319 for Single Family homes and 27.7 percent to $945,000 for Condominium homes. Days on Market decreased 3.1 percent for Single Family homes but increased 85.9 percent for Condominium homes. Months Supply of Inventory increased 71.4 percent for Single Family homes and 167.3 percent for Condominium homes.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
All data from the REALTORS® Association of Maui, Inc. Report © 2025 ShowingTime.
Click HERE for the full report.
Comments