Pending sales were down -22.5% in February (compared to February 2020). The average sales price increased +14.5%, a very healthy climb. However, months supply of inventory is way down again, a whopping -52.4%. This stat changed more than any other. There is only a 1.0 month supply of inventory, which is extremely low, and indicates a strong sellers market.
February started off strong for the housing market, with healthy buyer demand and strong market fundamentals.
Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, "while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year."
All data from Triad MLS. Report © 2021 ShowingTime.