February definitely isn't spring, but it is the month when the spring housing market begins to ramp up. So what does February's data tell us about what to expect this spring season? Well, according to one newly released report, the early numbers show home sellers are off to a slow start and it could lead to a competitive spring.
The number of homes for sale – though up 17 percent from its bottom last winter – is still well below pre-pandemic norms. Also, new listings are 22 percent lower than last year at the same time. That means, while there has been some improvement in the overall number of homes for sale, buyers should still expect there to be competition for good homes that are priced correctly.
Put simply, attractive homes will sell quickly. In February, for example, the median number of days homes for sale went under contract was 17. That's not as fast as it was last year or the year before, but it's still fast enough that spring buyers should be prepared, pre-approved, and ready to move when they find a house that fits their needs.
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