Dive Brief:

• Sales of existing homes increased slightly in February, and so did home prices, the National Association of Realtors reported on Monday.

• The median price for a “used” home, including single-family homes, townhomes, condominiums, and co-ops, was $202,600 last month, up 7.5% from February 2014. Prices of existing homes rose for the 36th consecutive month, and increased at their fastest pace in a year, the NAR said.

• Meanwhile, the number of homes for sale increased 1.6% in February, a level that is 0.5% lower than one year ago. Unsold inventory equals 4.6 months of supply if the pace of sales remains the same.

Dive Insight:

Such a small gain in inventory is causing two major problems in many markets, where demand for housing far outpaces supply. First, buyers are unable to find homes to purchase, which could dampen the prospects for the busy spring homebuying season. Second, tight inventory drives prices to artificially high levels, which also keeps some buyers from making purchases.

NAR Chief Economist Lawrence Yun said the market has been “stagnant” for several months, especially in the Northeast and Midwest, where an especially harsh winter slowed housing starts and led potential buyers to delay their house-hunting.