2nd Look at Local Housing Markets in February

NOTE: The tables for active listings, new listings and closed sales all include a comparison to February 2019 for each local market (some 2019 data is not available).

This is the second look at several early reporting local markets in February. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.

Closed sales in February were mostly for contracts signed in December and January when 30-year mortgage rates averaged 6.72% and 6.96%, respectively (Freddie Mac PMMS). This was an increase from the average rate for homes that closed in January, and up slightly from the average rate of 6.7% in December 2023 and January 2024.

Months of Supply

Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely months-of-supply will increase into the Summer.

Months in red are areas that are seeing 6 months of supply now and will likely see price pressures.

Active Inventory in February

Here is a summary of active listings for these early reporting housing markets.

Inventory was up 35.6% year-over-year. Last month inventory in these markets was up 35.9% YoY. The real key is what happens in the Spring!

There are significant regional differences for inventory, with sharp increases in the South and Southeast (especially in Florida and Texas).

Comparing to February 2019, inventory is up sharply in some areas (like Jacksonville), but down in most areas.

Notes for all tables:

1. New additions to tables in BOLD.

2. Northwest (Seattle), Jacksonville Source: Northeast Florida Association of REALTORS®

3. Totals do not include Atlanta (included in state total)

4. Comparison to 2019 ONLY includes local markets with available 2019 data!

New Listings in February

And here is a table for new listings in February (some areas don’t report new listings). For these areas, new listings were up 6.2% year-over-year.

Last month, new listings in these markets were up 18.7% year-over-year.

New listings are now up year-over-year, but still at historically low levels. New listings in most of these areas are down compared to February 2019 activity.

Closed Sales in February

And a table of February sales.

In February, sales in these markets were down 7.3% YoY. Last month, in January, these same markets were up 3.2% year-over-year Not Seasonally Adjusted (NSA).

Important: There was one fewer working day in February 2025 (19) as compared to February 2024 (20). So, the year-over-year change in the headline SA data will be above the change in the NSA data (there are other seasonal factors).

Last month, there were the same number of working days in January 2025 (21) as compared to January 2024 (21). So, the year-over-year change in the headline SA data was similar to the NSA data (there are other seasonal factors).

Sales in all of these markets are down compared to February 2019.

This graph shows existing home sales by month for 2024 and 2025, on a Seasonally Adjusted Annual Rate (SAAR) basis. Last year, the NAR reported sales in February 2024 were at 4.31 million SAAR.

This data suggests that the February existing home sales report might show a year-over-year decrease following four consecutive months with a year-over-year increase in sales. If sales decline it will be due to a combination of slightly higher mortgage rates, and because sales in February 2024 (4.31 million SAAR) were higher than the previous several months. Of course, sales will still be historically low.

This was just several early reporting markets. Many more local markets to come!