Every month for the last three years has seen a year-over-year sales price increase for existing homes in the US. In February, the National Association of Realtors (NAR) found the median price for all housing types rose to $202,600, a 7.5 percent boost over last year’s levels.
Meanwhile, total existing home sales for single-family homes, townhomes, condos and co-ops rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February, up from 4.82 million in January. Year-over-year, sales were up 4.7 percent.
“Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” said Lawrence Yun, NAR chief economist. He went as far to suggest there’s been stagnation in the market over the past few months.
“Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise.”
Sales of single-family homes rose 1.4 percent between February and January. The year-over-year rise was more significant at 5.9 percent. The property type also became more expensive last month with NAR reporting the median home sale price at $204,200 in February, up 8.2 percent from the same time last year.
Condo and co-op sales were at a seasonally adjusted annual rate of 540,000 units in February, unchanged from January. Unlike single family homes, condos saw a 3.6 percent sales drop, year-over-year. Prices still managed to edge up with the median existing condo price reaching $190,200 in February, up 2.8 percent from last year.
Regionally, the West saw the biggest increase in transactions. Existing home sales rose 5.7 percent month-to-month to an annual rate of 1.11 million in February. Sales were also up 2.8 percent from 2014. The median price also increased by 4.2 percent year-over-year to $290,100.
The South experienced a 1.9 percent increase in sales to an annual rate of 2.11 million in February. Year-over-year, sales were also up 6. The median price climbed 8.5 percent from February 2014 to $177,900.
The Midwest, however, logged the biggest price increase, rising 8.8 percent year-over-year to $152,900. Sales levels remained unchanged month-to-month though the region recorded a 4.9 percent increase above February 2014.
Punished by a particularly harsh winter, existing home sales in the Northeast saw their annual rate fall 6.5 percent between January and February. However, February sales were still up 3.6 percent from a year ago. The median price in the Northeast rose from 3.3 percent from February 2014 to $241,800.