Single-family home sales last month were up 24% over last year at 134 homes sold. That adds to January sales gains, pushing year-to-date sales up 16% for 2025. New construction sales doubled last month, while existing home sales increased by 11%. Nationally, NAR reported that existing home sales increased by 4.2%.
Prices were mixed last month, with the median sold price down .6% in February to $315,500, while the average price was up 5% to $357,395. This is the second month in a row the median price has dropped. However, it’s the result of homes priced below $400k posting a sales increase of 23%, while sales above $400k dropped 18%, demonstrating that entry-level to mid-level priced home sales are outpacing upper-end homes.
Days on market were even last year at 50 days, while cumulative days on market were down 11%.
Inventory increased by 3% to 2.59 months of supply on the market, as total active listings are up 28% from last year. Still, new listings in February were almost even with the previous year. The month’s supply is still considerably low for February, and inventory levels should continue to become tighter through August as the spring and summer market heats up.
Mortgage rates during February dropped by .75% during the month. Mortgage rates have been more volatile during the first three weeks of March but are in a tight pattern between 6.7% to 6.85%.
So far, the housing market is starting off the year on the right foot. The March results will be interesting to see if buyers get off the sidelines to take advantage of lower mortgage rates now that warmer weather arrived and spring is upon us.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPRO
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