RE/MAX National Housing Report: Weather, Inventory Push Home Sales Lower, Prices Higher

February home sales slowed in February, while prices increased by double digits over last year.  The March RE/MAX National Housing Report, a survey of MLS data in 52 metropolitan areas, found the February results to be nearly identical to January.  Just like January, the median home price rose 11.6% compared to the same month in 2013, and is now at $180,450. Home sales dropped by 8.8%, compared to January’s year-to-year loss of 7.1%. Unusually harsh winter storms impacted appraisals, inspections and closings. Even though inventory losses have been shrinking, low inventories in many metro areas had a negative impact on sales. Even at the rate of February sales, the corresponding Months Supply of inventory of 5.1 isn’t significantly below the 6.0 level of a market balanced between buyers and sellers. When measured on a year-to-year basis, February became the 11^th consecutive month with fewer inventory losses than the previous month.

This is an excerpt from the March 2014 RE/MAX National Housing Report. View the full report here.