Here’s a quick market update for February 2021 on the housing market! Enjoy!
Winter weather slowed home builders’ activities in much of the country, making it difficult for them to keep up with demand. From the US Department of Housing and Development, New Home Sales were driven down in February, though they’re still 8.2% higher than a year ago. Same story with Existing Home Sales. Tight supply kept sales down for the month in spite of strong buyer demand. But, just like with new homes, Existing Home Sales are up versus a year ago, by a healthy 9.1% from the National Association of Realtors.
The Mortgage Bankers Association noted “lack of inventory…is preventing home sales from being much higher.” Mortgage rates remain below the 2019 average and Fannie Mae says they’ll drift up only modestly this year. Expect a dip in the February Pending Home Sales index of contracts signed on existing homes–all from tight supply, as demand stays strong.
This market update for February 2021 is part of my job to keep you updated on the housing market. Please let me know if there is anything else you would like updates on or topics you would like me to cover in my blogs.
Beth Brake REALTOR®
Positively changing your life as you move forward to your dreams.