Perhaps unsurprisingly, February 2023 home sales don't quite match up to February 2021 or 2022.

Of course, during 2021 and 2022 we were experiencing...

[1]  Surging buyer interest due to super low interest rates.

[2]  Many, many buyers trying to upgrade their living arrangements due to Covid induced life changes with working from home, etc.

Interest rates are higher now, and there is a bit less urgency to upgrade ones living arrangements if you haven't already done so as we seem to be settling back into life after Covid.

And what do you know... home sales in 2023 aren't quite as crazy high as they were in 2021 and 2022.

I should also note that...

[1]  Home sales in February 2023 were (a bit) higher than in 2019 and 2020.

[2]  The decline in home sales is not (thus far) leading to an increase in housing inventory levels.  Fewer buyers are buying... but fewer sellers are selling as well... so inventory levels are remaining low.

I'll publish a full accounting of February housing market updates soon.