Specifically, inventory declines in the city were prompting increased prices. The median sale in the city during the month of February was $212,000, a whopping increase of 21 percent over the previous year.
The National Association of Realtors broke the numbers down by region as reported here:
• February existing-home sales in the Northeast dropped 6.5 percent to an annual rate of 580,000, but are still 3.6 percent above a year ago. The median price in the Northeast was $241,800, which is 3.3 percent above a year ago.
• In the Midwest, existing-home sales were at an annual level of 1.08 million in February, unchanged from January and 4.9 percent above February 2014. The median price in the Midwest was $152,900, up 8.8 percent from a year ago.
• Existing-home sales in the South increased 1.9 percent to an annual rate of 2.11 million in February, and are now 6.0 percent above February 2014. The median price in the South was $177,900, up 8.5 percent from a year ago.
• Existing-home sales in the West climbed 5.7 percent to an annual rate of 1.11 million in February, and are now 2.8 percent above a year ago. The median price in the West was $290,100, which is 4.2 percent above February 2014.
The inventory crunch will continue to drive prices higher in the near future.