From The Cape & Islands Association of Realtors: “U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
New Listings were up 28.8 percent for single-family homes and 9.4 percent for condominium properties. Closed Sales decreased 6.4 percent for single-family homes but increased 37.1 percent for condominium properties.
The Median Sales Price was up 8.5 percent to $717,000 for single-family homes and 4.4 percent to $417,500 for condominium properties. Months Supply of Inventory increased 46.2 percent for single-family units and 25.0 percent for condominium units. Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR.
Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.”
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