According to the National Association of Realtors®, existing-home sales declined in February, following gains in both January, 2021 and December, 2020. However, all four U.S. regions recorded year-over-year gains.
Total existing-home sales,which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.6% from January to a seasonally-adjusted annual rate of 6.22 million in February.
Sales in total climbed year-over-year, up 9.1% from a year ago (5.70 million in February 2020).
"Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels," said Lawrence Yun, NAR’s chief economist.
He cautioned of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates will cut into home affordability. "I still expect this year’s sales to be ahead of last year's, and with more COVID-19 vaccinations being distributed and available to larger shares of the population, the nation is on the cusp of returning to a sense of normalcy," Yun said. "Many Americans have been saving money and there's a strong possibility that once the country fully reopens, those reserves will be unleashed on the economy."
The median existing-home pricefor housing throughout Worcester, Wicomico and Somerset counties in February was $256,500, as compared to the national average of $313,000. In all three counties throughout February, new settlements were up 43.6% compared to the same time last year. And, the average days on market for the lower shore in February was 37, down more than 53 percent over last year.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
