Home prices in February increased 8.8 percent from a year earlier to a median sale price of $285,700 across the markets Redfin tracks. This was the strongest price appreciation since March 2014. February also marks six years, or 72 consecutive months, of year-over-year price increases since the market bottomed out and began to recover.
Constrained by a lack of supply, February home sales were nearly flat, up just 0.4 percent compared to last year. February saw an 11.4 percent decline in the overall number of homes for sale, marking the 29th consecutive month of year-over-year supply declines.