At the current pace of sales, that's a 9.7-month supply of homes, unchanged from January but down from the record of 11.2 months seen in July. A six-month supply of housing is generally seen as a healthy balance between supply and demand.
The national median existing-home price for all housing types was $165,400 in February, down 15.5 percent from a year ago. The median home price was pushed down by sales of distressed homes, which are selling for 20 percent less than normal market price, said NAR Chief Economist Lawrence Yun.
The median condominium price was down 18.2 percent from a year ago, to $172,200, and sales of existing condos and co-ops were up 11.4 percent from January, to a seasonally adjusted rate of 490,000 units. Looking back a year, condo sales were down 13.1 percent.
The median existing single-family home price was down 15 percent from a year ago, to $164,600, and sales rose 4.4 percent from January to a seasonally adjusted annual rate of 4.23 million units. That's 3.6 percent below the pace of sales a year ago.
In the Northeast, sales were up 15.6 percent from January to an annual pace of 740,000, but are down 14.9 percent from a year ago. The median price in the Northeast was $251,200, down 4.8 percent from a year ago.
The national median existing-home price for all housing types was $165,400 in February, down 15.5 percent from a year ago. The median home price was pushed down by sales of distressed homes, which are selling for 20 percent less than normal market price, said NAR Chief Economist Lawrence Yun.
The median condominium price was down 18.2 percent from a year ago, to $172,200, and sales of existing condos and co-ops were up 11.4 percent from January, to a seasonally adjusted rate of 490,000 units. Looking back a year, condo sales were down 13.1 percent.
The median existing single-family home price was down 15 percent from a year ago, to $164,600, and sales rose 4.4 percent from January to a seasonally adjusted annual rate of 4.23 million units. That's 3.6 percent below the pace of sales a year ago.
In the Northeast, sales were up 15.6 percent from January to an annual pace of 740,000, but are down 14.9 percent from a year ago. The median price in the Northeast was $251,200, down 4.8 percent from a year ago.
For more information, contact Lisa Brouillette, Badger Realty, PO Box 750, North Conway, NH 03860; 603-356-5757; (or call your Realtor at Badger Realty.)
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