It has been quite a run for home prices nationwide. In fact, it has been just over a 113 month run of consistent price increases. As of the latest February home sales data, home prices nationwide have fallen slightly (0.2%) for the first time in almost 11 years. Of course, we are still dealing with challenging inflation, higher mortgage rates, and tight inventories of homes for sale. As for the nationwide inventory of homes for sale, as of February, we had 980,000 units. This figure is identical to what we saw in January and is actually up 15.3% from a year ago, when we only had 850,000 units.
Regional breakdown for existing home sales
- South: Home sales rose month-over-month in February by 15.9%. Year-over-year, homes sales have dropped by 21.3%. The median home price was $342,000, which is a 2.7% increase from the prior year.
- Northeast: Home sales rose month-over-month in February by 4%. Year-over-year, homes sales have dropped by 25.7%. The median home price was $366,100, which is a 4.5% decrease from the prior year.
- MIdwest: Home sales rose month-over-month in February by 13.5%. Year-over-year, homes sales have dropped by 18.7%. The median home price was $261,200, which is a 5% increase from the prior year.
- West: Home sales rose month-over-month in February by 19.4%. Year-over-year, homes sales have dropped by 28.3%. The median home price was $541,100, which is a 5.6% decrease from the prior year.
Summary
At the national level, we are seeing properties remain for sale on the market for an average of 34 days. This figure is consistent with the 33 days that we saw in the prior month. However, a year ago the average property remained for sale for only 18 days. Nonetheless, the housing market is behaving as expected considering the financial headwinds being experienced in the economy. Interestingly, only the South and Midwest regions have seen home price increases over the past year. Of course, we have seen a large number of Americans fleeing the high tax burdens and restrictive mandates of various Northeast and Western states. As a result, more Americans have relocated to Southern states such as Florida.
Are you ready to move to Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Don’t forget to also download the Florida Home Search app to guide your home search in South Florida as well.
