The supply of homes for sale in the US for February 2019 showed a five consecutive months’ rise, while January signed contracts jumping a wider-than-expected +4.6% month to month, according to the National Association of Realtors.
US Housing Inventory: February 2019
The supply of homes for sale is finally rising, but fewer buyers are able to afford these homes, said the National Association of Realtors. That could result in a much slower spring market.
Spring is usually the high season for housing, but high home prices have been taking their toll for months. The numbers point to potential trouble ahead.
The median price of a home listed in February jumped +7% annually to US$294,800, according to Realtor.com. The price increase came as the number of listings rose +6%, with an additional 73,000 listings compared with a year ago.
Key US Housing Supply Insights: Realtor.com
- The median price of a US home listed in February jumped +7% annually to US$294,800, according to Realtor.com.
- The increase came as the number of listings rose +6%, with an additional 73,000 listings compared with a year ago.
Supply nationally, however, differs dramatically by price point. In February, the number of homes priced at or above US$750,000, which is close to three times the national median, increased by +11% annually, according to Realtor.com.