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February 2025 Housing Market Update

open house sign in front of a house with vintage gate in Corona Del Mar, CA neighborhood.

U.S. existing-home sales declined 4.9% month-over-month to an annual rate of 4.08 million units, per the National Association of REALTORS® (NAR). Despite this drop, sales remained 2% higher than last year, marking the fourth consecutive year-over-year increase.

  • New Listings: Down 4.6% for Single-Family Homes; flat for Townhouse-Condos.
  • Pending Sales: Fell 40.5% for Single-Family Homes and 47.8% for Townhouse-Condos.
  • Inventory: Increased 18.2% for Single-Family Homes and 47.9% for Townhouse-Condos.
  • Median Sales Price: Up 10.7% ($1,185,000) for Single-Family Homes; up 2.1% ($715,000) for Townhouse-Condos.
  • Days on Market: Increased 16.7% for Single-Family Homes and 22.6% for Townhouse-Condos.
  • Months Supply: Up 15% for Single-Family Homes and 50% for Townhouse-Condos.

Low inventory continues to drive home prices higher. The national median existing-home price rose 4.8% year-over-year to $396,900, with gains across all regions. Total housing inventory stood at 1.18 million units, up 3.5% from last month and 16.8% from last year, representing a 3.5-month supply at the current sales pace.