Home Sales Make a Comeback: February Records Highest Monthly Increase Since 2020

After a year of decreasing sales, numbers reversed last February with a vengeance, registering the largest monthly percentage increase since July 2020. Total existing home sales grew by 14.5%, turning in a seasonally-adjusted annual rate of 4.58 million in February.

While the median home price slid 0.2% during February, this didn't apply to all regions, as prices rose slightly in the Midwest and South. This ended a 131-month streak of price increases, which was a relief to many prospective buyers.

Single-family home sales soared to an annual rate of 4.14 million in February, up 15.3% from January. Condo and co-op sales also showed signs of recovery, adding 30,000 units in February. Median condo prices increased slightly (2.5% in February).

Regional sales numbers were as follows:

• The West took first place, with existing home sales rising 19.4% in February to an annual rate of 860,000.
• Northeast sales improved 4.0% to an annual rate of 520,000. Median prices were around $366,000.
• In the Midwest, sales grew 13.5% from January to an annual rate of 1.09 million.
• The Southern region saw existing property sales rebound by 15.9% in February to an annual rate of 2.11 million.

Source: nar.realtor

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