February home sales see nationwide drop by 7.2%

(Washington, DC) -- Home sales across the nation nearly dropped double digits through the month of February.

Existing homes sales across the country dropped by 7.2% in February, the largest decrease since February of 2021. Median housing prices across the United States also saw a 15% rise, with the median listing price reaching $357,300 from just over a year ago. Average home prices have only increased on a year-on-year basis for a total of 120 months.  

The decline in housing sales is still above pre-pandemic levels, but experts do worry about a backlog of homes yet to be built - elongating the shortage. A National Association of Home Builders survey showed home builder confidence hit a six month low in March, largely because of inflation and supply constraints in place on the industry. 

Bank of America Securities expects the housing market prices to increase, saying to expect high prices going into 2023 because of a low supply of homes available for purchase.