Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good.10/22/2021 - Hot off the press please find info from the
Strong February Sales Point to Market’s Sound Foundation ☘ Hoey Team ☘ eXp Realty
Dated: March 21 2020
Existing-home sales performed strongly in February, with three out of the four major regions of the U.S. showing sales increases, the National Association of REALTORS® reported Friday. Home prices also were on the rise last month.
Total existing-home sales—accounting for single-family, townhouse, condo, and co-op transactions—increased 6.5% month over month, reaching a seasonally adjusted annual rate of 5.77 million. Sales were up 7.2% year over year, NAR reports. “February’s sales of over 5 million homes were the strongest since February 2007,” says NAR Chief Economist Lawrence Yun. “I would attribute that to incredibly low mortgage rates and a steady release of sizable pent-up housing demand that was built over recent years.”
Yun acknowledges COVID-19’s impact on the economy in March, but he notes that the impact of the virus on housing likely will be short-term given the strength of sales data prior to the outbreak. “Once the social distancing and quarantine measures are relaxed, we should see this temporary pause evaporate and potential buyers return [to the market] with the same enthusiasm,” Yun says.
He also notes that housing shortages and low mortgage rates are two factors that could drive the housing market moving forward. Yun says he believes home prices will continue to stay elevated. “Unlike the stock market, home prices are not expected to drop because of the ongoing housing shortage.”
Real estate pros are adapting their businesses in light of restrictions on social gatherings to help slow the spread of the coronavirus. “It is truly inspiring to see so many of our fellow REALTORS® and brokerages adjust on the fly,” says NAR President Vince Malta. “Agents nationwide are keeping consumer interest alive with innovative technologies, holding virtual open houses and computer-generated tours.”
Here’s a closer look at housing indicators for February from NAR’s latest report:
- Home prices: The median existing-home price for all housing types in February was $270,100, up 8% from a year ago. Prices rose in every region of the U.S. in February. This marked the 96th consecutive month of year-over-year price gains.
- Inventory: Housing shortages continue to abound. Total housing inventory at the end of February totaled 1.47 million units, down from 9.8% a year ago. Unsold inventory is at a 3.1-month supply at the current sales pace.
- Days on the market: Forty-seven percent of homes sold in February were on the market for less than a month. Properties stayed on the market for 36 days, down from 44 days a year prior.
- First-time buyers: This cohort comprised 32% of sales in February.
- Investors: Individual investors or second-home buyers accounted for 17% of sales in February, up slightly from 16% a year ago. Investors tend to make up the biggest bulk of all-cash sales, which made up 20% of transactions in February.
Here’s how home sales fared across the country in February:
- Midwest: Existing-home sales rose 0.8% to an annual rate of 1.29 million, up 4% from a year ago. Median home price: $203,700, up 7.9% from a year ago.
- South: Existing-home sales climbed 7.2% to an annual rate of 2.52 million in February, up 8.2% from a year ago. Median home price: $238,000, an 8.2% increase from a year ago.
- Northeast: Existing-home sales dropped 4.1% in February to an annual rate of 700,000, a 2.9% uptick from a year ago. Median home price: $295,400, up 8.2% from a year ago.
- West: Existing-home sales jumped 18.9% to an annual rate of 1.26 million in February, an 11.5% increase from a year ago. Median home price: $410,100, up 8.1% from a year ago.
NOTE: On our "VIRUS FREE" Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed 3D VIDEO ? Tours for all our COMING to MLS & AVAILABLE LISTINGS without any Coronavirus; COVID-19 worries right HERE: ? www.SWFLVRE.com ? ?
Article content from our National Association of REALTORS (NAR) Newsletter Magazine, and from other sources including Hoey Team ☘.
For more information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
A price increase of almost 20% year-to-year is unheard of – until now. Home prices hit record highs in 19 of the 20 cities included in monthly Case-Shiller reports.WASHINGTON (AP) ;
Today’s market isn’t like the boom-bust cycle leading up to the Great Recession: Tough loan standards are the norm, plus many factors have kept housing supply low.MCLEAN, Va. –