Both February 2018 and February 2017 had 19 working days, so we can make a fair comparison between the sales counts. In that light, February 2018 was much stronger for sales than January 2018 and showed us a 9% increase over February 2017. We have become used to strong growth from investor flips and new home sales, but normal re-sales posted at a 10% increase over February 2017, which was unexpectedly high given the weak supply situation. Investor flips continued to grow at the fastest percentage rate, not only because of traditional investors but also due to growth in OfferPad and Opendoor activity.
Because of rising prices, the change in total dollars spent on homes was even more favorable than the change in the unit count.
- Total dollars spent on single family homes rose by 19% over February 2017.
- Total dollars spent on townhouses & condos rose by 7% over February 2017.
The swing in favor of attached homes that we saw in December, swung back again in January and was even weaker in February. This was not due to lower unit sales but lower average prices compared to a February 2017 which saw an exceptional number of very expensive attached home sales.
During February, average single-family pricing moved slightly lower than January, reading $321,782, down from $322,239 last month and up 9.0% from $295,091 in February 2017. Average new single family home prices during February were only 1.1% higher than last year at $373,263, but this was mainly because of a 3.0% drop in average new home size.