NAR: Condo Sales Outpace Single-Family Sales in February

Sales of previously owned homes rose 0.8% in February from the prior month as single-family sales were flat and condominium sales jumped 9%.     

The National Association of Realtors reported Thursday morning that sales of existing single-family homes slipped 0.2% in February to a 4.36 million seasonally adjusted annual rate. SF sales are up 10.2% from a year ago.

Meanwhile, sales of condominiums and cooperatives jumped 8.8% to a 620,000 SAAR in February. Sales of condos and co-ops are up 21.6% from a year ago. 

All-cash sales made up 32% of all existing home sales in February, up from 28% in January, which reflects higher investor participation in market during the winter months, according to NAR chief economist Lawrence Yun

“This is a seasonal pattern, but we are seeing a general increase in buyer traffic, which is 25% above a year ago,” Yun said.

Residential Finance Corp. managing director Daniel Jacobs expects the spring buying season will be the best in six years.

“Realtors are saying January was their best January they have had in years. And the spring buying indicators are off the charts,” Jacobs told NMN.  

The Columbus, Ohio-based lender is expanding its retail branch network and Jacobs has been meeting with lots of Realtors. 

Meanwhile, the median sales price for single-family homes in February was $173,600 in February, up 11.3% from a year ago.

The median sales price for condos and co-ops was $172,500, up 14% from February 2012.

Article source: http://www.nationalmortgagenews.com/dailybriefing/nar-says-condo-sales-outpace-single-family-sales-in-february-1035247-1.html

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