Houses are promoting at document pace as patrons scramble to seek out properties
Inventory of homes for sale remained at a record low 1.03 million homes in February, the same as January, and dropped a record 30% from a year ago, according to the National Association of Realtors.
Properties sold in February typically remained on the market for a record low of just 20 days, down from 36 days a year before. Nearly three-quarters of homes sold in February were on the market for less than a month, according to NAR.
In the most popular part of the market — homes that sell between $250,000 and $500,000 — properties were on the market for just 14 days.
Existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — continued to increase and were up 9% from one year ago. At that time, the coronavirus was just emerging in the US, and the economy had yet to be significantly impacted.
The median price of a home, $313,000, is now 16% higher than a year ago, when it was $270,400, with all regions of the country seeing…
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