Despite cold weather and heavy snow, buyers in the MRIS region were very active during February. There were 8,841 purchase agreements signed during the month, an increase of 12.3 percent from a year ago.
Home prices are continuing to show early signs of stabilizing. The February median sales price of $250,000 was an increase from a year ago of 1.7 percent.
Extremely low mortgage rates have combined with the price declines of recent years to create an attractive environment for buyers. The Housing Affordability Index in February of 149 is another near-record, and is up dramatically from the low point seen a few years back.
