Febraury 2025 Housing Report

U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.

New listings decreased 9.8% for residential homes but increased 5.3% for townhouse/condo homes. Pending sales decreased 3.9% for residential homes and 3.2% for townhouse/condo homes. Inventory decreased 10% for residential homes but increased 43.3% for townhouse/condo homes.

Median sales price increased 8% to $270,000 for residential homes and 5.3% to $220,000 for townhouse/condo homes. Days on market decreased 4.8% for residential homes but increased 25% for townhouse/condo homes. Months supply of inventory remained flat for residential homes but increased 43.8% for townhouse/condo properties.

The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.