By by Calculated Risk on 3/18/2022 10:12:00 AM
From the NAR: Existing-Home Sales Fade 7.2% in February
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, sank 7.2% from January to a seasonally adjusted annual rate of 6.02 million in February. Year-over-year, sales decreased 2.4% (6.17 million in February 2021).
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Total housing inventory at the end of February totaled 870,000 units, up 2.4% from January and down 15.5% from one year ago (1.03 million). Unsold inventory sits at a 1.7-month supply at the current sales pace, up from the record-low supply in January of 1.6 months and down from 2.0 months in February 2021.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1993.
Sales in February (6.02 million SAAR) were down 7.2% from the previous month and were 2.4% below the February 2021 sales rate.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory increased to 0.87 million in February from 0.85 million in January.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was down 15.5% year-over-year (blue) in February compared to February 2021.
Months of supply (red) increased to 1.7 months in February from 1.6 months in January.
This was below the consensus forecast. I’ll have more later.
