The National Real Estate Pulse. Home prices are soaring, but low inventory continues to hamper home sales.
The pace of homes under contract fell 10.6 percent in February, marking the sixth straight monthly decline, according to the National Association of Realtors’ monthly index. February’s pending home sales were down 0.5 percent compared to a year ago, marking the first time in eight months that they fell year-over-year.
“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market is swift, but contracts are not clicking due to record low inventory,” he said in a statement.
Yun said tight inventory was inhibiting activity predominantly among lower-priced homes, while higher-end properties — those priced above $1 million — continued to go into contract.
At the end of February, NAR reported that there were just over 1 million units on the market, a record low that was virtually unchanged compared to January’s inventory. Based on February’s pace of sales, that amounts to two months’ worth of supply.
The trend was regional, too, with every area NAR tracks reporting month-over-month declines in February. But contract activity in the southern and western regions remained elevated compared to February 2020, while the northeast and midwest regions followed the national trend of year-over-year declines
I spoke with several Boston brokers that said these numbers are full of.. (never mind)