According to The National Association of Realtors, February’s existing home sales missed estimates, coming in at 6.2 million.
Because February 2020 sales were strong, the year-over-year growth in sales for February 2021 is impressive at 9.1%. For the housing market, the COVID crisis started in earnest in March of 2020. The data for February 2020 showed that the housing market was set to outperform all other sectors. Of course, when we got the February 2020 report, even though sales were robust, the country was in full crisis mode, so the report was ignored. At that point, we were too busy buying hand sanitizer and hoarding toilet paper to notice this good news.
This current NAR report also shows that the median sales price jumped 15.8% year over year. Yikes! You may recall I warned that this could happen during the years 2020-2024.