A “for sale” sign outside a house in Atlanta, Georgia.
Dustin Chambers | Bloomberg | Getty images
Sales of houses previously owned in February increased by 4.2% from January to 4.26 million units on a seasonal and annualized, according to the National Association of Realtors. Industry analysts expected a 3%drop.
Sales were less than 1.2% compared to February from last year.
This count is based on closures, therefore the contracts signed in December and January, when mortgage rates increased and briefly held in the 7% range over 30 years fixed. The rates today are in the high range of 6%.
“Buyers of houses enter the market slowly,” said Lawrence Yun, chief economist of NAR, in a press release. “Mortgage rates have not changed much, but no more inventory and choices disclose the demand for repressed housing.”
Sales were not higher than each year in the highest price categories, greater than $ 750,000. Sales around the median price fell 3% from one year to the next.
Stocks at the end of February amounted to 1.24 million units, an increase of 17% from one year to the next, but still only a 3.5 -month supply at the current sale rate. A 6 -month supply is considered balanced between the buyer and the seller.
“We are still in a relatively tight market state,” said Yun.
This tight offer maintains the pressure on prices. The median price of a house sold in February was $ 398,400, up 3.8% compared to the same era last year. It is a record for the month of February. The four geographic regions of the country have experienced price increases.
The first buyers went back to the market, representing 31% of February sales, compared to 26% the previous year. Investors, however, withdrew, representing only 16% of sales, against 21% last year.
However, sales of all cases remained relatively stable at 32% of sales, down slightly compared to the previous year. Species is generally favored by investors, which suggests, given the drop in investor sales, that more owners-occupants use money.
Although these sales are higher than expected, they are more indicative on the market two months ago than they are currently. A separate survey of real estate agents in February by John Burns Research and Consulting revealed that more than half of the respondents said that the spring resale market is lower than normal. This resale index dropped for the first time in four months.
“The current selling ratings remain low, 53% of agents reporting lower sales than normal sales. It is better than 56% a year ago, but less than 47% of January. The constraints of affordability and economic uncertainty maintain many buyers on the margins”, according to the report.