U.S. home resales rebounded in February as a persistent shortage of properties on the market pushed up prices.
The National Association of Realtors said on Monday that existing home sales rose 1.2 percent to an annual rate of 4.88 million units. January’s sales pace was unrevised at 4.82 million units.
The median home price rose again (the 36th straight time) to $202,600 which is a healthy +7.5% increase from February 2014. A 7.5% year-over-year gain is strong enough for a healthy housing market but not too hot that it would approach any type of bubble territory.
Apart from tight supply, sales were also constrained by harsh winter weather. Sales in the Northeast, which was slammed by disruptive weather for much of the winter, tumbled 6.5 percent last month. Sales in the Midwest were unchanged.
Sales rose 1.9 percent in the South and jumped 5.7 percent in the West (no Winter weather there).
Have you been on the sidelines wondering when to get back into the housing market or if you should purchase your first home? 36 straight months of price increases are making that home more expensive each month that you put it off. It also has demonstrated that a home is good investment with a solid track record of appreciation.
Please give me a call if you are looking to buy or sell. 208 630-4666 or email me at email@example.com