Home Prices at New High in February Amid Record Low Inventory

March 17, 2017
DENVER – February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.

Last month saw a negligible decline (-0.02%) in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year.

Meanwhile, active inventory reached a record low for February, dropping 17.9% year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008.

As a result, the Median Sales Price of $212,000 – another February record – was up 6% year-over-year. This is the 11th consecutive month of year-over-year price increases.

Homes sold faster last month, with average Days on Market dropping from 75 in February 2016 to 68 last month.

“Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder“The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”

 

 

Check out the full report here by clicking here.


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