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US Housing Market Shows Cautious Improvement in February 2025
- 2025/03/28
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The US housing market has shown signs of improvement in recent days, with existing home sales rising 4.2% to a seasonally adjusted annual rate of 4.26 million in February 2025, according to the National Association of Realtors. This rebound comes after a 4.7% drop in January, surpassing market expectations of 3.95 million. The median existing home price increased 3.8% year-over-year to $398,400.
New home sales also saw a modest uptick, rising 1.8% to a seasonally adjusted annual rate of 676,000 in February, slightly below expectations of 680,000. The median sales price for new homes stood at $414,500, with an average price of $487,100. Housing inventory remained elevated at 500,000 units, representing 8.9 months of supply.
Regionally, existing home sales increased in the South and Midwest but declined in the West and Northeast. For new homes, sales rose in the South and Midwest but fell in the West and Northeast.
The housing market continues to face challenges from high mortgage rates and limited inventory. However, NAR Chief Economist Lawrence Yun noted that more inventory and choices are releasing pent-up housing demand.
In response to market conditions, some homebuilders are offering incentives to attract buyers. For instance, Lennar Corporation recently announced a program offering mortgage rate buydowns on select homes to help offset high interest rates.
The Biden administration has proposed measures to address housing affordability, including a $10 billion grant program to incentivize state and local governments to reduce barriers to housing construction.
Compared to the previous month, the slight increases in both existing and new home sales suggest a cautious improvement in the housing market. However, sales remain below levels seen in early 2024, indicating ongoing challenges in the sector.
As the spring buying season approaches, industry leaders are closely monitoring consumer behavior and adapting their strategies to navigate the current market conditions. The coming weeks will be crucial in determining whether this recent uptick in sales represents a sustained trend or a temporary fluctuation in the US housing market.
New home sales also saw a modest uptick, rising 1.8% to a seasonally adjusted annual rate of 676,000 in February, slightly below expectations of 680,000. The median sales price for new homes stood at $414,500, with an average price of $487,100. Housing inventory remained elevated at 500,000 units, representing 8.9 months of supply.
Regionally, existing home sales increased in the South and Midwest but declined in the West and Northeast. For new homes, sales rose in the South and Midwest but fell in the West and Northeast.
The housing market continues to face challenges from high mortgage rates and limited inventory. However, NAR Chief Economist Lawrence Yun noted that more inventory and choices are releasing pent-up housing demand.
In response to market conditions, some homebuilders are offering incentives to attract buyers. For instance, Lennar Corporation recently announced a program offering mortgage rate buydowns on select homes to help offset high interest rates.
The Biden administration has proposed measures to address housing affordability, including a $10 billion grant program to incentivize state and local governments to reduce barriers to housing construction.
Compared to the previous month, the slight increases in both existing and new home sales suggest a cautious improvement in the housing market. However, sales remain below levels seen in early 2024, indicating ongoing challenges in the sector.
As the spring buying season approaches, industry leaders are closely monitoring consumer behavior and adapting their strategies to navigate the current market conditions. The coming weeks will be crucial in determining whether this recent uptick in sales represents a sustained trend or a temporary fluctuation in the US housing market.