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  1. Inventory Growth and Active Listings
  • The number of homes actively for sale in February increased by 14.8% compared to the previous year, marking the fourth consecutive month of growth.
  • The total number of unsold homes, including those under contract, also rose by 8.8% year-over-year.
  • Home sellers were more active, with 11.3% more homes newly listed on the market compared to last year.
  1. Median Price Stability
  • The median price of homes for sale in February remained relatively stable, growing by 0.3% compared to the same time last year.
  • Homes spent an average of 61 days on the market, which is four days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.
  1. Spring Market Outlook
  • According to Realtor.com®, the spring housing market could provide home shoppers with a more plentiful supply of less expensive homes than last year.
  • The number of newly listed homes has significantly increased, slowing median listing price growth.
  • The share of home listing price reductions has also increased to the highest February levels since 2019.
  • However, overall inventory still remains less affordable and scarcer than pre-pandemic years.
  1. Regional Insights
  • Southern metros saw the most significant increase in active home listings, growing by 17.0% on average compared to last year.
  • Midwestern metros also experienced growth in inventory, with a 6.5% increase on average.
  • Western and Northeastern metros, on the other hand, reported declines in inventory.
  • The $200,000 to $350,000 price range witnessed the most substantial year-over-year growth nationally.
  1. National Home Prices

In summary, the housing market in February 2024 shows signs of increased inventory, stable median prices, and a promising spring season for homebuyers. Whether you’re a buyer, seller, or simply curious, these trends provide valuable insights into the dynamic real estate landscape.

Sources:

  1. Realtor.com – February 2024 Monthly Housing Market Trends Report
  2. Zoopla – House Price Index: February 2024

The Guardian – UK house prices rise for first time in more than a year

 

Photo by Morgan Housel on Unsplash