Home sales during February were up by 8.4% from January, according to data from RE/MAX Holdings (NYSE: RMAX). This represents roughly half of the month-to-month average sales increases seen in the previous two Februarys. Compared to the same period last year, sales were down 2.6%.
February’s inventory was up 2.9% from January – it has grown month-over-month 10 out of the last 12 months and is 33.9% higher than a year ago – but new listings fell 3% and were only 0.1% higher year-over-year. San Diego recorded the biggest year-over-year increase in new listings during February with a spike of more than 50%.
Across the 52 metro areas surveyed by RE/MAX, the $423,000 median sales price was only $3,000 (0.6%) higher than January’s level and $13,000 (3.1%) from one year earlier.
“As is typical heading into the spring market, home sales rose in February, and the market appears to be on the right trajectory to grow as we enter the spring selling season,” said RE/MAX Holdings Inc. CEO Erik Carlson. “It’s crucial to have abundant inventory for buyers, and we are seeing inventory trend in the right direction.”
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