Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.
The Median Sales Price was up 17.9 percent to $1,945,000 for single family homes and 2.8 percent to $1,230,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 50.0 percent for single family units and 50.8 percent for Condo/TIC/Coop units.