Monday Market Update: NAR® Home Sales Update
Existing home sales are up over 14%, reversing a 12-month slide of transaction levels.
The Bobbi Decker Team is excited to share the latest home sales update from the National Association of Realtors (NAR)® with an overview of the February data. (March data will likely be available mid-late April). While the market shift over the last year has slowed the speed of sales and neutralized the surge of home prices, low inventory has kept the market from stopping altogether.
Inventory remains at national, average supply levels of 2.6 months on market (balanced levels would be 4-6 months). Existing home sales jumped 14.5% in February – reversing a 12-month slide. Year-over-year, annual sales are down 22.6%.
Median sales prices for all housing types are down an average of 0.2% year-over-year (the breakdown is actually down 0.7% for SFRs and up 2.5% for condos). On the West coast, home prices are down 5.6% year-over-year. While no homeowner feels positive in general about home price declines, recall that home prices surged 20-35% in many Bay Area locales in the last 4-5 years. Thus a decline of less than 6% is more of a sign of cyclical market normalization rather than a red flag against home as a long-term financial investment.
We encourage you to read more in this news release from NAR® last week and remember that market changes are all relative. Please consult with your trusted real estate and financial advisors before you decide not to make a move - or to make very strategic one!
All our best,
Bobbi & Team
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
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