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The real estate market is still outperforming pre-pandemic levels.
Dated: March 22 2021
“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.
First-time buyers were responsible for 31% of sales in February; Individual investors or second-home buyers purchased 17% of homes in February; All-cash sales accounted for 22% of transactions in February; Distressed sales represented less than 1% of sales in February.
The median existing-home price for all housing types in February was $313,000, up 15.8% from February 2020 ($270,400), as prices rose in every region. February’s national price jump marks 108 straight months of year-over-year gains.
Sales in total climbed year-over-year, up 9.1% from a year ago (5.70 million in February 2020). Find out what NAR experts are saying about the economy, and the housing market.
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