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The National Association of Realtors reported a 9 percent jump in home sales in February 2024 from the previous month’s dismal numbers. Existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, reached a seasonally adjusted annual rate of 4.38 million. Despite this increase, sales were down 3.3 percent year-over-year.

Lawrence Yun, Chief Economist at NAR, attributed the rise in housing demand to population and job growth. The increase in housing supply has helped satisfy market demand, with the total housing inventory up 5.9 percent from January.

The median existing-home price for all housing types in February was $384,500, a 5.7 percent increase from the previous year. Additionally, properties remained on the market for an average of 38 days in February, up from 36 days in January.

First-time buyers accounted for 26 percent of sales in February, while all-cash sales represented 33 percent of transactions. Individual investors or second-home buyers purchased 21 percent of homes in February.

Mortgage rates have risen slightly, with the 30-year fixed-rate mortgage averaging 6.74 percent as of March 14.

Regional variations were observed, with the Northeast experiencing flat sales but an 11.5 percent increase in median price. The Midwest saw an 8.4 percent increase in sales, while the South experienced a 9.8 percent jump. The West had the highest increase in sales at 16.4 percent.

Yun emphasized the need for more housing supply to stabilize home prices and encourage more Americans to consider moving to their next residences. With the real estate market showing signs of growth and activity, now is the time to stay informed with the latest real estate news by signing up for our free weekly newsletter.