Today we issued our February 2011 housing data and after two straight months of year-over-year sales increases, February sales were down compared to the same time last year. However, we feel sales closing in February were significantly impacted by the holidays and the multiple major snow storms at the end of the year and in January. It is also important to mention that February 2011 is being compared to February 2010, a month in which the extended and expanded home buyer tax credit was still available.
Single-family median prices continue to be more affordable as they went down for the third straight month. Condo sales and median prices also were down.
The snow also impacted inventory in February (as was the case in January) as the number of homes for sale went down for the first time after 11 straight months of increases.
Click the link to see the February 2011 Housing Release and listen to the monthly podcast with MAR President Laurie Cadigan.
Highlights from the release:
- Single-family home sales were down 12.5% compared to last year.
- Single-family median prices were down less than one percent (-0.7%)
- Condo sales were down 17.2% compared to the same time last year.
- The median price for a condo was down 3.3% compared to last year.