Research Update

Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

February 2024

Data

Existing-Home Sales

Existing-home sales climbed in February. Among the four major U.S. regions, sales jumped in the West, South, and Midwest and were unchanged in the Northeast. Year-over-year, sales declined in all regions. Total existing-home sales bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).

Pending Home Sales

Pending home sales in January grew 1.6%.The Midwest and South posted monthly gains in transactions, while the Northeast and West recorded losses. All four U.S. regions registered year-over-year decreases. The Pending Home Sales Index increased to 75.6 in February. Year over year, pending transactions were down 7.0%. An index of 100 is equal to the level of contract activity in 2001.

Housing Affordability Index

Housing affordability rose to 105.5 in January from 102.2 in December. An index above 100 means that a family with a median income has more than the income required to afford a median- priced home.

REALTORS® Confidence Index

Properties typically remained on the market for 38 days in February, up from 36 days in January and 34 days in February 2023. First-time buyers were responsible for 26% of sales in February, down from 28% in January and 27% in February 2023. All-cash sales accounted for 33% of transactions in February, up from 32% in January and 28% one year ago.

Congressional Testimony

• NAR Highlights Dire Lack of Housing Affordability and Inventory in Congressional Testimony

Reports

• County Median Home Prices and Monthly Mortgage Payment
• February 2024 Foot Traffic
• February 2024 Commercial Real Estate Market Insights
• Local Market Reports

Articles From the Economists' Outlook Blog

• In Honor of Women's History Month, a Look at Successes and Challenges for Women in Homeownership
• Where Did People Move To and From in 2022?
• Housing Affordability Conditions Made Progress in January 2024
• Gen Z and Millennial Home Buying Hotspots: Where Young Buyers Are Putting Down Roots
• The Share of All Cash Buyers Highest Since 2014 at 32% of All Buyers
• 15% of 221 Metro Areas Had Double-Digit Year-Over-Year Price Increases in 2023 Q4
• Buyers of New Homes Want Real Estate Agent Representation
• Migration Plays a Role in Restoring U.S. Population to Pre-Pandemic Levels

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