The number of sales is a leading indicator, and a precursor of things to come. It’s doubtful that home sellers will get too concerned about a couple of data points, but it will be interesting to see if the trend of fewer sales continues:
NSDCC Houses Sold in February
Up until this year, the mix seemed about right – fewer lower-end sales, and as prices climbed, more high-enders. But last month saw both totals drop – significantly.
There will be a few more late-reporters, but last month also had one additional business day so the 22% drop in sales year-over-year is noteworthy. The 45 sales over $1,400,000 doesn’t look too bad compared to years prior to 2015, but here’s the kicker – there are 660 of those houses for sale, or a 15-month supply!