In February, the US real estate market showed signs of considerable recovery and adaptation. The median price change for existing single-family homes rose to +5.6% year-over-year, indicating a recovery from recent declines and aligning more closely with historical norms. Additionally, 44 metropolitan areas experienced an increase in new listings year-over-year, with Seattle (+41.7%), Minneapolis (+37.4%), and Tampa (+25.3%) seeing the largest growth. The National Association of Realtors (NAR) reported that existing home sales surged to 4.38 million, well above the forecasted 3.95 million, marking a significant 9.5% jump from the previous month, though still a 3.3% decline from the previous year. This increase in sales was the largest in a year. Moreover, 46 of the 60 largest metros were identified as seller's markets, with months' supply less than seven months. However, condo sales fell in South Florida, contrasting with the overall trend. The Architecture Billings Index suggested a modest easing in billings since July 2023, potentially indicating a receding slowdown in commercial real estate investment. Time on the market also decreased in 37 of the 50 largest metro areas, with Las Vegas, Raleigh, St. Louis, and Phoenix experiencing the most significant reductions.
Existing home sales jumped in February at the highest rate in a year https://t.co/rfPap0nraO
Time on the market decreased compared to last year in 37 of the 50 largest metro areas this February. Time on the market decreased the most in Las Vegas (-25 days), Raleigh (-22 days), and St. Louis and Phoenix (-16 days each) https://t.co/QQTpAHMmNB
"February’s score marks the most modest easing in billings since July 2023 and suggests that the recent slowdown may be receding ... [the Architecture Billings Index] usually leads CRE investment by 9 to 12 months." @calculatedrisk https://t.co/1HUrgBDrkQ
Home prices soar, condo sales fall in South Florida in February https://t.co/VWwQ44T5FN | After the market bust in 1929, FL home prices did not fully recover until the 1970s..... @trdny
US existing home sales surged well above expectations for the month of February, the National Association of Realtors (NAR) reporting 4.38 million against forecasts of 3.95 million. #NAREHS WATCH: https://t.co/qqAdo4tCy9
Existing home sales jump 9.5% in February but still lower than last year It was the largest jump in a year, but overall sales declined 3.3% from the previous February, according to the National Association of Realtors. Read more ⬇️ https://t.co/oZDH9mTUxg
AEI Housing Center: "46 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in February 2024. Of the 14 exceptions, 7 are in Florida, 2 in Texas, and 1 each in Arizona, Idaho, North Carolina, Louisiana, and South Carolina"
February home sales, in NAR's seasonally adjusted numbers yesterday, beat expectations. I have a hypothesis that this is less about growth and more about how the US real estate market is less seasonal than it used to be. Less seasonal means over-perform in the winter and…
In February, 44 metros saw new listings increase YY. The metros that saw the largest growth in newly listed homes included Seattle (+41.7%), Minneapolis (+37.4%), and Tampa (+25.3%) https://t.co/QQTpAHLOY3
Median price change for existing single-family home rose to +5.6% year/year in February … considerable recovery from recent decline and more in line with “normal” when looking back at history https://t.co/C3CdoztFI0