RSS Feed by Calculated Risk on 3/20/2025 10:00:00 AM
Thursday, March 20, 2025
NAR: Existing-Home Sales Increased to 4.26 million SAAR in February; Down 1.2% YoY
From the NAR: Existing-Home Sales Accelerated 4.2% in February
Existing-home sales ascended in February, according to the National Association of REALTORS®. For both monthly and year-over-year sales, two major U.S. regions experienced growth, one region remained stable and the other registered a decline.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. Year-over-year, sales slid 1.2% (down from 4.31 million in February 2024).
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Total housing inventory registered at the end of February was 1.24 million units, up 5.1% from January and 17% from one year ago (1.06 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, identical to January and up from 3.0 months in February 2024.
emphasis added
Click on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in February (4.26 million SAAR) were up 4.2% from the previous month and were 1.2% below the February 2024 sales rate. This breaks the streak of fourth consecutive year-over-year increases in sales.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory increased to 1.24 million in February from 1.18 million the previous month.
According to the NAR, inventory increased to 1.24 million in February from 1.18 million the previous month.Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 17.0% year-over-year (blue) in February compared to February 2024.
Months of supply (red) was unchanged at 3.5 months in February from 3.5 months the previous month.
As expected, the sales rate was above the consensus forecast. I'll have more later.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 17.0% year-over-year (blue) in February compared to February 2024. Months of supply (red) was unchanged at 3.5 months in February from 3.5 months the previous month.
As expected, the sales rate was above the consensus forecast. I'll have more later.
