RE/MAX National Housing Report reveals further sales decline
Sales declined year-over-year for the seventh consecutive month in February but by a smaller percentage since the trend began in August 2018.
The newly-released RE/MAX National Housing Report analyzes 54 housing markets across the US and reveals that February sales were down 4.2% compared with a year earlier.
There was a 5.8% rise in inventory year-over-year, marking 5 straight monthly gains, and taking the months of supply to 3.4.
The median sales price increased by 5.5% year-over-year to $240,000, a February record in the 10-year history of the report and gaining from the 4.6% annual increase in January.
"Trends of five months or more often indicate significant shifts, and the year-over-year trends in declining sales and rising inventory have both reached that length now," said RE/MAX CEO Adam Contos. "It's interesting to see the slowing sales and growing inventories that benefit buyers and at the same time the record prices that benefit sellers. The big picture supports an ongoing return to more balanced conditions."
Of the 54 metro areas surveyed in February 2019, the overall average number of home sales is up 10.2% compared to January 2019, and down 4.2% compared to February 2018.
