New listings and inventory levels all trended up compared to last month, however, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
Both sales and new listings declined over last year’s record high for the month.While sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends.
With a sales-to-new-listings ratio of 73% and a months of supply of under 2 months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly 2% over January levels and last year’s prices.
If you or someone you know have questions about how this may impact your home selling or buying decision, send me a message!
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