Riding two trends – declining sales and growing inventory – the U.S. housing market continued to transition from a seller’s market to a buyer’s market in February, according to the RE/MAX National Housing Report.
Home sales in the 54-market report have declined year-over-year for seven consecutive months, though February’s downturn of 4.2% was the smallest since the 1.1% drop that started the streak in August 2018. At the same time, inventory grew 5.8% over February of 2018 , marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory. The Months Supply of Inventory also grew in February from 3.1 in 2018 to 3.4 this year.
Bucking these trends. the Median Sales Price increase to $240,000, year-over-year gain of 5.5% and a February record in the 10-year history of the report. That followed January’s upturn of 4.6%.
Days on Market totaled 63 — one day more than February of 2018 and four days more than January of 2019.
Pulled from the RE/MAX Newsroom. To read more, click here.