February Monthly Market Comparison-HAR Report
February marked the second consecutive month that single-family homes sales were in positive territory with sales climbing 7.6 percent year-over-year. Last month, sales rose 8.9 percent.
In addition to the increase in single-family sales volume, total property sales were up 7.0 percent and total dollar volume increased 11.8 percent from $2.6 billion to $2.9 billion. Single-family pending sales rose 12.9 percent. Active listings, or the total number of available properties, were 22.0 percent ahead of the prior year.
Months of inventory expanded from a 2.5-months supply last February to 3.4 months, which is slightly below the 3.5-months supply that prevailed in October and November 2023. Housing inventory nationally is at a 3.0-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.