The median sales price of an existing home has increased 15% over the past year.
The numbers: Existing-home sales decreased 7.2% between January and February, falling to a seasonally-adjusted, annual rate of 6.02 million, the National Association of Realtors said Friday. Compared to a year ago, sales were down more than 2%.“Housing... The numbers: Existing-home sales decreased 7.2% between January and February, falling to a seasonally-adjusted, annual rate of 6.02 million, the National Association of Realtors said Friday. Compared to a year ago, sales were down more than 2%.
The median sales price for an existing home in February was $357,300, representing a 15% annual increase. But due to rising mortgage rates, monthly payments for newly-purchased existing homes are now 28% higher than they were a year ago, Yun said. The big picture: Back in January, we likely saw a rush of people looking to close deals to purchase homes as buyers anticipated mortgage rate increases. At the same time, that month’s bad weather and surge of COVID-19 cases prompted a decline in contract-signing activity, which is an early predictor of upcoming existing-home sales.
“It’s very likely that the demand from first-time homebuyers will remain subdued in the coming months as housing affordability declined dramatically,” Barraud said.
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