The following is a guest post from Jessica Chen on Coldwell Banker Blue Matter posted by David Marine.
It’s officially spring and while the temperatures hesitantly begin climbing upward, I can without a doubt say that I’m ready to ditch the bitter cold and snow for sunshine and May flowers. With springtime, also comes a sense of renewal and beginning as we sweep out the old and look forward to the new. It’s no wonder so many people begin looking to buy homes during this time of year. The recently released February existing-home sales report from the National Association of Realtors reflects this trend as we head into spring.
With rising prices and the chilly weather, home sales declined 0.4 percent to an annual rate of 4.60 million in February compared to 4.62 million in January. The severe temperatures and snow contributed to February’s pace of sales – the lowest since July 2012.
On the bright side, total housing inventory at the end of February rose 6.4 percent up from January, and 5.3 percent above what it was just one year ago. With more homes on the market this spring, now is the perfect time to purchase, but homebuyers must act fast – the median time on market for homes in February was 62 days, down from 67 days in January.
Take a look at how home prices across the U.S. compare with one another:
As we bid farewell to the winter doldrums, check out the below home listings to celebrate the start of spring!