According to the latest data from RE/MAX, the trend of decreasing home sales and prices has come to a halt. However, there is still a decline of nearly 25% in home sales compared to the same period last year, and the median sale price in February is still 1.3% lower than it was a year ago.
In the RE/MAX national housing report for February 2023, it was reported that home sales had increased by 16.8% compared to January of the same year. This marks the largest monthly increase in almost a year, and also the first increase in home sales following five consecutive months of decline since September of the previous year.
According to the report by RE/MAX, home sales remained lower by 24.4% compared to the same period in the previous year.
In January 2023, the median home sales price was recorded at $385,000, which increased by 0.6% in February, marking the first positive movement in sales price data since sales prices peaked at a median of $426,000 in June 2022. This price then declined for seven months straight. However, despite the slight monthly increase in February, the median home sales price was still 1.3% lower than it was last year at $390,000.
According to RE/MAX, this was the first time since January 2012 that there has been a year-over-year decrease in home sale prices.
In February 2023, the monthly supply of homes available for sale decreased by 7.5% compared to January. However, the inventory in the report’s 50 metro areas was still 55% higher than it was a year ago, marking the 10th consecutive month of the year-over-year increase. In February, homes sold for 2% less than the asking price, which was an improvement from January when they sold for 3% less than the asking price.
Among the markets analyzed, the five with the largest year-over-year increase in housing inventory were Raleigh, North Carolina, Dallas and San Antonio, Texas, Salt Lake City, Utah, and Coeur d’Alene, Idaho.
The average time that homes stayed on the market in February was 45 days, which was three days less than in January. However, it was still two weeks longer than the average time homes stayed on the market in February of the previous year, which was noted as a comparison.