Market Update: North America
Regions across the U.S. saw increases in their year-over-year activity, though month-over-month home sales generally decreased by a total of 6.6% compared to last February.
“Existing-home sales fell 6.6% in February to a seasonally-adjusted annual rate of 6.22 million, but sales are still 9.1% higher than last year.
The median existing-home sales price rose to $313,000, 15.8% higher from one year ago, with all regions posting double-digit price gains.
As of the end of February, housing inventory remained at a record-low of 1.03 million units, down by 29.5% year-over-year – a record decline. Properties typically sold in 20 days, also a record low.”
While Seller’s market conditions continue throughout North America, the question is, what can we expect for the future of the real estate market?
NAR Chief Economist, Lawrence Yun, suggests a possible slow down in the coming months due to lessening home affordability from rising home prices and interest rates decreases.