Sales Up, Prices Down After 131-Month Streak
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors® (NAR). Month-over-month sales rose in all four major U.S. regions – but they also all saw year-over-year declines.
February median existing home prices fell for the first time in 131 months– almost eleven years – according to NAR. The median existing-home price for all housing types was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
Total housing inventory at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.
Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Still, most homes (57%) sold in February were on the market for less than a month.
Buyer types (more…)
New Listings mid-week March 22
Just a handful of New Listings this week:
Click on these links for details: (more…)
Open Houses Sunday March 19
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
Why aren’t boomers selling?
Baby boomers are booming, but they’re just not going to hit the residential real estate market the way some experts thought they would, according to Selma Hepp, chief economist for CoreLogic, a property data analytics firm.
“A few years back, we certainly heard about this cohort of people turning 65, and some said that there would be all this inventory of homes for sale,” Hepp said. “But we haven’t seen any of that happening yet. If anything, inventories are at historic lows and continue to decline year over year.”
She said one reason seniors are staying put is that home prices in some areas are about 40 percent higher than they were before the pandemic, and interest rates are soaring. Also, seniors are healthier than ever and staying in their homes longer, she said.
Instead of a wave of properties flooding the market, it will be more like a trickle. (more…)
New Listings week ending on St. Patrick’s Day
A few New Listings this week:
Click on these links for details: (more…)
Open Houses weekend March 18/19
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
New Listings mid-week March 15
A few New Listings this week:
Click on these links for details: (more…)
Open Houses Sunday March 12
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
New Listings week ending March 10
A few more New Listings this week:
Click on these links for details: (more…)
Open Houses weekend March 11/12
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
New Listings mid-week March 8
A few more New Listings this week:
Click on these links for details: (more…)
Open Houses Sunday March 5
No snow for today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And these recent articles: (more…)
Essex County 2022 Annual Report
2022 Essex County Annual Report
Detailed report on all 34 cities and towns in Essex County for 2022.
And these recent articles:
Economic and mortgage commentary
What drives Mortgage rates in one chart (more…)
March Inventory shows no improvement
Inventory usually starts the year low and remains that way for the first quarter, a pattern that is repeating this year.
Single Family Homes
Condos
Condo inventory has followed a similar pattern:
Mortgage rates (more…)
New Listings week ending March 3
A spurt in New Listings in Swampscott this week:
Click on these links for details: (more…)
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