What's Hot: Whole Foods at Walter Reed to Open at End of June | Will This Be the DC Area's First $60 Million House?
Existing Home Sales Drop in February Due to Record Low Inventory
A very low supply of homes for sale is affecting sales in the U.S.
In February, 6.22 million existing homes sold, according to data released Monday by the National Association of Realtors (NAR). The sales figures represent a drop of 6.6% from January 2020, but an increase of about 9% compared to a year ago.
story continues below
loading...story continues above
The lower sales figures were largely attributed record-low inventory. Total housing inventory at the end of February amounted to 1.03 million units, equal to January’s inventory and down 29.5% from one year ago.
"Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels," Lawrence Yun, NAR's chief economist, said in a statement. "I still expect this year’s sales to be ahead of last year's, and with more COVID-19 vaccinations being distributed and available to larger shares of the population, the nation is on the cusp of returning to a sense of normalcy."
This article originally published at https://dc.urbanturf.com/articles/blog/existing-home-sales-drop-in-february-due-to-record-low-inventory/18030.
Most Popular... This Week • Last 30 Days • Ever

A look at the larger residential developments in the works from Cardozo to Mount Vern... read »

The Heights, a ten-stall food hall that is taking over the spaces formerly occupied b... read »

A piece of legislation quietly introduced in the House of Representatives earlier thi... read »

Whole Foods announced yesterday that the 47,000 square foot store will open on June 2... read »

Developer EYA and the Washington Metropolitan Area Transit Authority will go before D... read »
- The 9 Developments and 1,250 Units in the Works For Shaw
- Friendship Heights Food Hall Could Open This Month
- Will This Proposed Bill Increase the Number of Homes For Sale?
- Whole Foods at Walter Reed to Open at End of June
- 435-Unit Development Planned For Takoma Metro Station Looks For Historic Approval
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro