Note: 2025 February data below are the most recent released by the National Association of Realtors.
Existing-home sales ascended in February, according to the National Association of REALTORS®. For both monthly and year-over-year sales, two major U.S. regions experienced growth, one region remained stable and the other registered a decline.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. Year-over-year, sales slid 1.2% (down from 4.31 million in February 2024).
"Home buyers are slowly entering the market," said NAR Chief Economist Lawrence Yun. "Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand."
Total housing inventory registered at the end of February was 1.24 million units, up 5.1% from January and 17% from one year ago (1.06 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, identical to January and up from 3.0 months in February 2024.
"On a technical note, raw sales in February were down 5.2% from last year, which was a leap year with one extra day of business," Yun added. "However, after adjusting for this effect, combined with the winter seasonal factors, the momentum for home sales is flashing encouraging signs."
The median existing-home price for all housing types in February was $398,400, up 3.8% from one year ago ($383,800). All four U.S. regions registered price increases.
"Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners," Yun said. "That means a gain of nearly $1.3 trillion in home value appreciation at a time when the current stock market is undergoing a correction. Moreover, the ongoing housing shortage, coupled with historically low mortgage default rates, implies a solid foundation for home values."
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 42 days in February, up from 41 days in January and 38 days in February 2024.
First-time buyers were responsible for 31% of sales in February, up from 28% in January 2025 and 26% in February 2024. NAR's 2024 Profile of Home Buyers and Sellers – released in November 2024 – found that the annual share of first-time buyers was 24%, the lowest ever recorded.
Cash sales accounted for 32% of transactions in February, up from 29% in January but down from 33% in February 2024.
Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in February, down from 17% in January and 21% from February 2024.
Distressed sales – foreclosures and short sales – represented 3% of sales in February, unchanged from January and the previous year.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.65% as of March 13. That's up from 6.63% one week ago but down from 6.74% one year ago.
Regional Breakdown
In February, existing-home sales in the Northeast decreased 2.0% from January to an annual rate of 500,000, up 4.2% from February 2024. The median price in the Northeast was $464,300, up 10.4% from one year earlier.
In the Midwest, existing-home sales were unchanged in February at an annual rate of 1 million, up 1.0% from the prior year. The median price in the Midwest was $295,500, up 5.8% from February 2024.
Existing-home sales in the South bounced 4.4% from January to an annual rate of 1.91 million in February, down 4.0% from one year before. The median price in the South was $358,800, up 1.9% from last year.
In the West, existing-home sales jumped 13.3% in February to an annual rate of 850,000, identical to a year ago. The median price in the West was $614,600, up 3.6% from February 2024.
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