All-cash sales comprised 35 percent of transactions in February, up from 33 percent in January and 32 percent in February 2013. Individual investors, who account for many cash sales, purchased 21 percent of homes in February, compared with 20 percent in January; they were 22 percent in February 2013. Seventy-three percent of investors paid cash in February.
Single-family home sales edged down 0.2 percent to a seasonally adjusted annual rate of 4.04 million in February from 4.05 million in January, and are 6.9 percent below the 4.34 million-unit level in February 2013. The median existing single-family home price was $189,200 in February, up 9.0 percent from a year ago.
Existing condominium and co-op sales declined 1.8 percent to an annual rate of 560,000 units in February from 570,000 in January, and are 8.2 percent below a year ago. The median existing condo price was $187,900 in February, which is 9.8 percent above February 2013.
Regionally, existing-home sales in the Northeast fell 11.3 percent to an annual rate of 550,000 in February, and are 12.7 percent below February 2013. The median price in the Northeast was $237,800, up 1.5 percent from a year ago.
Existing-home sales in the Midwest declined 3.8 percent in February to a pace of 1.00 million, and are 12.3 percent below a year ago. The median price in the Midwest was $140,900, which is 8.6 percent higher than February 2013.
In the South, existing-home sales rose 1.5 percent to an annual level of 1.98 million in January, but are 0.5 percent below February 2013. The median price in the South was $163,400, up 8.3 percent from a year ago.
Existing-home sales in the West rose 5.9 percent to a pace of 1.07 million in February, but are 10.1 percent below a year ago. The median price in the West was $279,400, up 18.0 percent from February 2013.
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