Condo sales plunged to near-record lows.

By Wolf Richter for WOLF STREET.

Sales of existing single-family homes that closed in February ticked up seasonally adjusted from January by 2.5%, making up only a small portion of the 6.2% plunge in January from December, to an annual rate of 3.73 million sales, right along at the deepfreeze levels that began in 2022, according to data by the National Association of Realtors today.

Compared to February in (historical data from YCharts):

• 2025: -1.1% (year-over-year)
• 2024: -4.4%
• 2023: -8.6%
• 2022: -29.2%
• 2021: -31.8%
• 2019: -22.6%

But supply of single-family homes jumped to 3.8 months in February (red line with big red square in the chart below), the highest supply for February since 2017, also 3.8 months.

In February a year ago, supply was 3.5 months. The fat red line without boxes shows the year 2025, which had marked the high end for supply in that time range going back to 2017 (historical data from YCharts).

The national median price of single-family homes, not seasonally adjusted, edged up by 0.2% year-over-year. It has now been nearly unchanged year-over-year for the past three months (0.2%, 0.0%, 0.2%).

The median price had exploded by 41% from June 2020 through June 2022, from already high prices. Those too-high prices (what NAR calls “affordability issues”) are a big factor why the housing market has frozen up since then.

The median price is not seasonally adjusted. And it’s very seasonal, rising and falling with the shift in inventories and sales, as a larger share of more expensive homes come on the market and sell in the spring, thereby changing the mix of what sold, and shifting the median price up through June. In the second half of the year, the mix reverts, and the median price drops and bottoms out in January.

Sales of condos and co-ops plunged seasonally adjusted by 5.3% in February from January and 5.3% year-over-year, by 49% from February 2021, and by 36% from February 2019, to an annual rate of 360,000 sales, a record low in the data shared with May 2020 and May 2025.

NAR’s condo sales data go back to only 2011, and within that time frame, sales have been wobbling along record lows for the fourth year now.

The national median price of condos and co-ops, not seasonally adjusted, was up by 0.9% year-over-year, after the drop in February from January.

Sales by region.

The charts below show the seasonally adjusted annual rate of sales (SAAR) in the four Census Regions of the US. A map of the four regions is below the article at the top of the comments.

In the South, the seasonally adjusted annual rate of sales ticked up by 1.6%, after the 6.5% plunge in January, to 1.89 million homes.

Compared to February in:

• 2025: +0.5% (year-over-year)
• 2024: -5.0%
• 2023: -9.1%
• 2022: -29.5%
• 2019: -18.9%
• 2018: -21.3%

In the West, the seasonally adjusted annual rate of sales rose by 8.2% in February from January, after the 6.4% plunge in the prior month, to 790,000 homes.

Compared to February in:

• 2025: -1.3% (year-over-year)
• 2024: -7.1%
• 2023: -8.1%
• 2022: -34.2%
• 2019: -30.1%
• 2018: -37.3%

In the Midwest, the seasonally adjusted annual rate of sales rose by 1.1% in February from January, undoing only a small portion of the 6.1% plunge in the prior month, to 940,000 homes.

Compared to February in:

• 2025: -4.1%
• 2024: -5.1%
• 2023: -12.1%
• 2022: -29.9%
• 2019: -21.0%
• 2018: -25.4%

In the Northeast, the seasonally adjusted annual rate of sales fell by 6.0% in February from January to 470,000 homes, sharing the lowest end at the very bottom of the range with four other months.

Compared to February in:

• 2025: -4.1% (year-over-year)
• 2024: -2.1%
• 2023: -9.6%
• 2022: -32.9%
• 2019: -30.9%
• 2018: -30.9%

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