The February market statistics came in recently and the team at Williams & Associates wanted to share the statistics that came in.
CoreLogic reports that from last year that the home prices have grown from last year nation-wide 6.7%. Home prices increased 1% from January. This marks the seventh consecutive month of growth for home prices. Some western states had a hot market. These states include Nevada, Idaho, Washington, and Utah. All have experienced up 11% increase in home prices. Lawrence Yun, the chief economist from the National Association of Realtor says that the weather conditions in the North East had been a factor for the market.
"The median existing-home price was $241,700 which is 5.9 percent from February 2017 which was $228,200 which marks the 72nd year-over-year gain."-(National Association of Realtors)
The total housing inventory in February rose 4.6 percent to 1.59 million existing homes available for sale, but is still 8.1 percent lower than a year ago (1.73 million) and has fallen year-over-year for 33 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace (3.8 months a year ago).
The National Association of Realtors reported pending home sales rose month to month 3.1% from 104.3 million
So why is it that this year is not outperforming last year? The Economy is good, the Labor Market is good, interest rates are going up, but like we said in a previous blog post, it still under 5% where it was in 2005. The reason ... because there hasn't been a lot of inventory around