- Home sales in Delaware jumped nearly 12% in February compared to January, close to the national sales increase of 14.5%.
- Compared to February 2022, sales dropped by 18.6%.
- The median sales price was $356,330, up 3.2% from January and 8.1% from February 2022.
After a downbeat start to the year, home sales in Delaware surged in February nearly 12%, close to the national sales increase of 14.5% as interest rates began to stabilize.
“Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said Lawrence Yun, chief economist at the National Association of Realtors. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
Sales contracts may take a month or two to complete from the time a mortgage rate is locked in, so February sales are likely based on interest rates in December and January. The 30-year mortgage rates in those months had drifted down to the 6.1% to 6.3% range, after a spike to about 7% in October, according to Mortgage News Daily and the Federal Home Loan Mortgage Association.
Sales down versus a year ago
Compared to February 2022, both state and national numbers fell, but the First State fared better with an 18.6% decline compared to a 22.6% drop nationwide.
Delaware sales totaled 889 in February, up from 794 in January but down from 1,092 in February 2022.
Sales prices rise in Delaware, fall nationwide
The median sales price in Delaware of $356,330 was up 3.2% from $345,293 in January and higher by 8.1% from the February 2022 price of $329,726.
“In comparing year-over-year data, it’s clear that 2023 is still a great time to sell homes in Delaware,” said Chrissy Steele, president of the Delaware Association of Realtors.
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In January, the median sales price in Delaware actually decreased from December by less than 1% but was higher than January 2022 by 6.14%.
First State prices held up better than the national numbers.
The median sales price in the U.S. in February was $363,000, a decline of 0.2% from $363,700 in February 2022. This ends a streak of 131 consecutive months of year-over-year increases, the longest on record, Yun said.
Inventory increases
In February, the number of homes listed for sale in Delaware rose to 2,429 compared to 1,846 in February 2022.
The average days a home was on the market was 46, compared to 36 in January and 37 last February.
“The gap between supply and demand is starting to close,” said Steele, after a few years when demand was much higher than available homes, which led to competition among buyers, bidding up prices.
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Nationally, Yun said inventory levels are higher but still near historic lows.
Homes for sale in the U.S. at the end of February were estimated at 980,000, identical to January but up 15.3% from 850,000 one year ago.
Homes averaged 34 days on the market in the U.S. in February, up from 33 days in January and 18 days in February 2022.
Reporter Ben Mace covers real estate and development news. Reach him at rmace@gannett.com.
