The median home sales price – recorded at $385,000 in January 2023 – increased by 0.6% in February. The uptick was likewise the first positive movement in sales price data since sales prices peaked at a median of $426,000 last June 2022 and declined for seven months straight since then. Despite the slight monthly increase, the median home sales price in February this year was 1.3% lower than it was last year at $390,000.
This marked the first annual drop in home sale prices since January 2012, RE/MAX said.
The monthly supply of homes for sale in February 2023 was down by 7.5% from January but increased year-over-year for the 10th consecutive month, with the inventory in the report’s 50 metro areas 55% higher than a year ago. Homes generally sold for 2% less than the asking price in February, compared to January when they sold for 3% less than the asking price.
The five markets with the biggest yearly increase in housing inventory were: Raleigh, North Carolina, Dallas, Texas, Salt Lake City, Utah, San Antonio, Texas, and Coeur d’Alene, Idaho.