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Existing home sales increased 4.2% in February, but fell 1.2% from February 2024. Housing inventory grew to 1.24 million units, reflecting a 5.1% rise from January and a 17% jump from last year. The median existing home price was $398,400, up 3.8% from last year, with all four U.S. regions reporting price increases.

Single-family home sales fell 5.7% in February, with the median price increasing 3.7% from February 2024 to $402,500. Condo and co-op sales plummeted 9.8% to 370,000 units in February and were also down 9.8% from last year. Meanwhile, the median price rose 3.5% from the prior year to $355,100.

Homes were typically on the market for 42 days in February, up from 41 days in January and 38 days in February 2024. First-time buyers made up 31% of sales in February, up slightly from 28% in January and 26% in February 2024. All-cash sales accounted for 32% of transactions in February, up from 29% in January but down from 33% in February 2024. Meanwhile, investors or second-home buyers represented 16% of homes purchased in February, down from 17% in January and 21% in February 2024. Distressed sales, including foreclosures and short sales, represented 3% of purchases in February, unchanged from January and the previous year.