Lack of Inventory Sees 6.6% Drop in Existing-Home Sales – Real Estate Investing Today
The National Association of Realtors is reporting that existing home sales were down 6.6% in February to a seasonally-adjusted annual rate of 6.22 million (up 9.1% from one year ago). Total housing inventory at the end of February was 1.03 million units, down 29.5% from one year ago. Unsold inventory sits at a 2-month supply at the current sales pace with properties remaining on the market for around 20 days. The median existing-home price for all housing types was $313,000, up 15.8% from February, 2020. Once again, you can guess it, low inventory continues to be the culprit:
“Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels,” said Lawrence Yun, NAR’s chief economist.”
Click here to read the full report at the National Association of Realtors.
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