United States Existing Home Sales

Existing-home sales in the US unexpectedly soared 9.5% to a seasonally adjusted annualized rate of 4.38 million units in February 2024, the highest level in a year, compared to 4 million in January and market forecasts of 3.95 million, with additional housing supply helping to satisfy market demand. Among the four major US regions, sales jumped in the West, South and Midwest, and were unchanged in the Northeast. Total housing inventory was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023. Meanwhile, the median existing-home price for all housing types in February was $384,500, an increase of 5.7% from the prior year ($363,600). All four US regions posted price increases.