by National Association of Realtors report also says that affordability improved for the 8th straight month
WASHINGTON — Existing-home sales declined 1.4% from February 2025, but rose by 1.7% from January, according to the latest report on the segment from the National Association of Realtors.
Sales totaled 4.09 million, the NAR said, compared with 4.15 million in February 2025 and 4.02 million in January. Year-over-year sales rose in the South but declined in the Northeast, Midwest and West, while month-over-month activity rose in the Midwest, South and West and declined in the Northeast.
Single-family property sales were 3.73 million, or 91.2% of the total, with condominium and co-op sales representing the balance. The single-family sales rate was down 1.1% from 3.77 million in February 2025 but up 2.5% from 3.64 million in January. Condominium and co-op sales by comparison were down 5.3% from February 2025 and also down 5.3% from January to 360,000.
In another key development, the NAR said that the affordability of existing homes improved for the eighth straight month, according to its Housing Affordability Index. The index rose to 117.6 in February from 103.1 in February 2025 and 117.1 in January, which it noted was the highest level since March 2022.
The median sales price for all housing types was $398,000, up .3% from $396,000 in February 2025, which the report said was the 32nd consecutive month of year-over-year price increases.
The median price for single-family homes was $401,800, up .2% from February 2025, while the median price of condominiums and co-ops was $358,100, up .9% from February 2025.
The report said that year-over-year, affordability improved across all regions, with a 10% gain in the Northeast, a 11.7% gain in the Midwest, a 14.1% gain in the South and a 17% gain in the West.
“Housing affordability is improving, and consumers are responding,” said NAR Chief Economist Lawrence Yun. “Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by 1 million.”
There were 1.29 million units for sale in February, up 4.9% from February 2025 and up 2.4% from January. This represents a 3.8-month supply of unsold inventory, which was up from 3.6 months in February 2025 but unchanged from January.
Yun noted that despite the modest gain in home sales, demand remains soft related to wage growth and job gains.
“Wage growth is now outpacing home price growth by almost 4 percentage points,” he noted. “Mortgage rates are also measurably lower compared to a year ago.”
Citing Freddie Mac, the NAR said that the average 30-year fixed rate mortgage was 6.05% in February. This was down from 6.84% a year earlier and down from 6.1% in January.
By region, activity was as follows:
+ In the Northeast, sales totaled 470,000, down 4.1% year over year. The median price was $479,800, up 3.3% from February 2025 and down 6% from January.
+ In the Midwest, 1.1% sales totaled 940,000, down 4.1% year over year and up 1.1% from January. The median price was $302,100, up 2.3% from February 2025.
+ In the South, sales totaled 1.89 million, up .5% from February 2025 and up 1.6% from January. The median price was $356,800, up .2% from February 2025.
+ In the West, sales totaled 790,000, down 1.3% year over year and up 8.2% from January. The median sales price was $603,100, down 1.9% from February 2025.
Other highlights of the report were as follows:
+ Houses were on the market for a median of 47 days in February, up from 42 days last year and up from 46 days in January.
+ 34% of sales were to first-time homebuyers, up from 31% in February 2025 and also in January.
+ 31% of transactions were cash sales, up from 32% in February 2025 and up from 27% in January.
+ 16% of transactions were individual investors or second-home buyers, unchanged from February 2025 and in January.
+ 3% of sales were distressed sales, including foreclosures and short sales, unchanged from February 2025 and up from 2% in January.
