(HAR Report): It took less time to sell a home than it did one year ago. Days on Market (DOM) fell from 68 to 48. With fewer new listings entering the market, inventory registered a record low 1.6-months supply compared to 3.3 months a year earlier. That figure is slightly below the current national inventory level of 1.9 months recently reported by NAR.
Broken out by housing segment, February sales performed as follows:
$1 - $99,999: decreased 40.6 percent
$100,000 - $149,999: decreased 42.8 percent
$150,000 - $249,999: decreased 16.8 percent
$250,000 - $499,999: increased 16.0 percent
$500,000 - $749,999: increased 55.3 percent
$750,000 and above: increased 64.9 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 4,786 in February, up 3.0 percent compared to the same month last year. The average sales price jumped 21.6 percent to $348,703 while the median sales price climbed 17.4 percent to $270,000.