The latest National Housing Report from RE/MAX belies the pain expected to impact the US housing market due to the COVID-19 outbreak.
February’s national home sales increased, marking a third consecutive year-over-year rise which is the first streak of that length since 2015.
Meanwhile, the report’s analysis of 53 markets reveals a decline in inventory of 15.8% year-over-year. It was the fourth consecutive double-digit decline.
"Even as we all adjust to the new landscape of social distancing and limited in-person interaction, houses will continue to be bought and sold,” said an optimistic Adam Contos, CEO of RE/MAX Holdings, Inc. “Overall, demand in February was high, inventory remains low, and interest rates are attractive, but exact circumstances vary by community.”
The average number of home sales in February, boosted by an extra day for leap year, was up 7.4% nationally compared to January and up 7.5% year-over-year.
Leading the year-over-year sales percentage increase were Los Angeles, CA at +32.2%, Las Vegas, NV at +28.0%, and Billings, MT at +20.1%.
February's median sales price of $260,000 posted a year-over-year increase of 7.9% - the 14th consecutive month where year-over-year home prices have jumped.
The metros with the largest annual gains were Birmingham, AL at +16.5%, Augusta, ME at +14.5%, and Milwaukee, WI at +13.9%.
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