February’s home prices were back on track from January’s year-over-year performance. The early count had the median price at $275,000, up 5.6% from last year and up 2.3% from January.

From a price perspective, it’s been a volatile market since February last year. Prices experienced a steady climb through the spring and early summer, followed by a turbulent second half of the year characterized by sharp spikes and steep drops.

Despite the month-to-month turbulence, the year-over-year trend is positive.

The median price growth rate since February last year has averaged 0.41% per month.

Sales in the affordable price zone ($160K-$299,999) accounted for 44% of all sales last month. Volume in the $200K-$249,999 price bracket dominated the affordable price tier with 90 sales.  

The move-up marker ($300K-$499,999) accounted for 31% of last month’s sales. Volume in the $300K-$399,999 range dominated the price tier.

Sales in the luxury market had a 9.8% share.

The premier market ($1 million plus) had five sales, down from eight sales last year.

While the 13-month median price trend average is 0.41%, the first two months of this year had a price increase of 0.74% over the first two months of last year.

Continued price gains are expected as the market moves into the prime home-buying and selling season.