HAR Report: The monthly housing measurements for February consist of largely negative readings. In addition to the drop in single-family home sales, total property sales and total dollar volume fell; single-family pending sales dropped 11.0 percent. Active listings (the total number of available properties) remained 69.2 percent ahead of their level a year ago.
Months of inventory continued to improve, growing to a 2.6-months supply in February. Housing inventory nationally stands at a 2.9-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is generally considered a “balanced market” in which neither the buyer nor the seller has an advantage.