NAR: Northeast Existing-Home Sales Fell 6% in February

WASHINGTON—Existing-home sales increased by 1.7% month-over-month in February, according to the National Association of Realtors Existing-Home Sales Report released on March 10.

Month-over-month sales rose in the Midwest, South and West, and fell in the Northeast. Year-over-year sales rose in the South and fell in the Northeast, Midwest and West.

Affordability improved for the eighth consecutive month, according to NAR’s Housing Affordability Index—increasing to 117.6 in February from 117.1 in January and 103.1 a year ago. This marks the highest level since March 2022.

Yun noted that inventory is growing, but sluggishly. “If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise. That is why increasing supply is so important to help limit home price growth, improve housing affordability, and boost transactions,” he said.

• 1.7% increase in existing-home sales month-over-month to a seasonally adjusted annual rate of 4.09 million.
• 1.4% decrease in sales year-over-year.

• 1.29 million units: Total housing inventory, up 2.4% from January and 4.9% from February 2025.
• 3.8-month supply of unsold inventory, unchanged from last month and up from 3.6 months one year ago.

$398,000: Median existing-home price for all housing types, up 0.3% from one year ago ($396,800)—the 32nd consecutive month of year-over-year price increases.

The Housing Affordability Index rose to 117.6 in February, up from 117.1 in January and 103.1 a year ago.

Year-over-year, affordability improved across all regions.

• Northeast +10.0%
• Midwest +11.7%
• South +14.1%
• West +17.0%

Single-Family Homes in February

• 2.5% increase in sales month-over-month to a seasonally adjusted annual rate of 3.73 million, down 1.1% from February 2025.
• $401,800: Median home price, up 0.2% from last year.

Condominiums and Co-ops in February

• 5.3% decrease in sales month-over-month to a seasonally adjusted annual rate of 360,000, down 5.3% from last year.
• $358,100: Median price, up 0.9% from February 2025.

6.05%: The average 30-year fixed-rate mortgage in February, according to Freddie Mac, down from 6.10% in January and 6.84% one year ago.

• 6.0% decrease in sales month-over-month to an annual rate of 470,000, down 4.1% year-over-year.
• $479,800: Median price, up 3.3% from February 2025.

• 1.1% increase in sales month-over-month to an annual rate of 940,000, down 4.1% year-over-year.
• $302,100: Median price, up 2.3% from February 2025.

• 1.6% increase in sales month-over-month to an annual rate of 1.89 million, up 0.5% year-over-year.
• $356,800: Median price, up 0.2% from February 2025.

• 8.2% increase in sales month-over-month to an annual rate of 790,000, down 1.3% year-over-year.
• $603,100: Median price, down 1.9% from February 2025.

• 47 days: Median time on market for properties, up from 46 days last month and 42 days in February 2025.
• 34% of sales were first-time homebuyers, up from 31% in January and one year ago.
• 31% of transactions were cash sales, up from 27% a month ago and down from 32% in February 2025.
• 16% of transactions were individual investors or second-home buyers, unchanged from last month and one year ago.
• 3% of sales were distressed sales 4 (foreclosures and short sales), up from 2% last month and unchanged from February 2025.