{"id":174480,"date":"2023-03-17T07:37:47","date_gmt":"2023-03-17T14:37:47","guid":{"rendered":"https:\/\/inbusinessphx.com\/?p=174480"},"modified":"2023-03-17T07:37:47","modified_gmt":"2023-03-17T14:37:47","slug":"home-sales-show-strong-increase-and-slight-rise-in-median-sales-price-over-january","status":"publish","type":"post","link":"https:\/\/staging.inbusinessphx.com\/?p=174480","title":{"rendered":"Home Sales Show Strong Increase and Slight Rise in Median Sales Price Over January"},"content":{"rendered":"
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Despite being down 24.4% year over year, February home sales increased 16.8% from January. That was the largest month-over-month increase in 11 months and ended a five-month streak of sales declines that began in September.<\/p>\n

The median sales price of $385,000 increased 0.6% over January, ending a seven-month streak of price declines since the peak of $426,000 in June 2022. Although home prices increased slightly month-over-month, February marked the first year-over-year drop in prices since January 2012 \u2013 as the median was 1.3% lower than a year ago ($390,000).<\/p>\n

Inventory increased year over year for the 10th consecutive month, and the number of homes for sale in the report’s 50 metro areas was 55.0% higher than a year ago.<\/p>\n

“Prices have steadied and demand is strong, but the lack of available, affordable homes remains a challenge,” saidNick Bailey, RE\/MAX President and CEO.\u00a0“Mortgage rates are top of mind for many buyers, and as they move up or down, sales activity should generally follow suit. That’s a big factor to watch as we move into the spring.”<\/p>\n

Laurie Thiel<\/span>, Broker\/Owner of RE\/MAX Equity Group in Beaverton, OR<\/span> is already seeing an uptick in demand and activity in her area. “As the market has stabilized, our agents are experiencing increased activity with homebuyers and sellers. Even though the time to sell a home has increased, inventory in the Portland<\/span> metropolitan market remains limited.”<\/p>\n

Other notable metrics:<\/p>\n