by Calculated Risk on 3/17/2022 02:02:00 PM

From housing economist Tom Lawler:

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.97 million in February, down 8.2% from January’s preliminary pace and down 3.2% from last February’s seasonally adjusted pace.

Local realtor reports, as well as reports from national inventory trackers, suggest that the YOY % decline in the inventory of existing homes for sale last month was lower than that in January.

Finally, local realtor/MLS reports suggest the median existing single-family home sales price last month was up by about 16.5% from last February.

CR Note: The National Association of Realtors (NAR) is scheduled to release February existing home sales tomorrow, Friday, March 18, 2022, at 10:00 AM ET. The consensus is for 6.16 million SAAR.