Sale Prices Continue to Rise

   

    

Total current home sales increased 0.8 percent to an adjusted annual rate of 4.98 million in February from a revised 4.94 million in January, and are 10.2 percent over the 4.52 million-unit level in February 2012. February sales are at the highest level since the tax credit period of November 2009.

Total housing inventory toward the end of February rose 9.6 percent to 1.94 million current homes available for sale, up from 4.3 months in January, which was the lowest since May 2005. Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply.

Single-family home sales dropped 0.2 percent to an adjusted annual rate of 4.36 million in February from 4.37 million in January, but increased 8.7 percent above the 4.01 million-unit pace in February 2012. The median existing single-family home price was $173,800 in February, which is 11.3 percent higher than a year ago.

Existing condominium and co-op sales rose 8.8 percent to an annualized rate of 620,000 in February from 570,000 in January, and are 21.6 percent above the 510,000-a year ago. The median existing condo price was $172,500 in February, up 13.9 percent from February 2012.