03/10/2026
Home Affordability improves in February!
Buyers with budgets below $250,000 still holding back:
Closed home sales and new pending sales increased sharply from January to February with mortgage rates averaging just over 6%: February closings (4,881) were up 17% month-over-month, while pending contracts (6,065) increased 10%.
Closed sales still finished 1% behind February 2025, while new pending sales outpaced last year by 1%.
Homes sold for a statewide median of $260,000, up 4% from January and also compared to February 2025; this represented 94.5% of the original list price, consistent with 2025.
The price per square foot for existing homes also rose 3.5% from February 2025 to 2026, from $149 to $154.
Sellers remained active in February with 6,583 new listings (also up 4% year-over-year); overall supply was 13% higher than last year with 14,571 listings available on an average day through the month.
Properties are on the market for 31 days from listing to pending sale, a week longer than 2025 as higher inventory allows buyers to take a more deliberate pace.
Lower rates have cut potential mortgage payments – the median monthly payment for a recent home purchase has now fallen for seven straight months and is down 2% year-over-year despite a higher median sale price.
Even though affordability has improved, first-time buyers have been slow to re-enter the market according to sales totals to date: January and February pending sales below $250,000 are down 7% versus