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• Delaware existing home sales – not new construction – totaled 830 in February, down from January and from February 2024.
• The median sales price in Delaware in February was $377,000, lower than January but higher than a year ago.
• Sussex County led the state in both home sales and the median sales price.

Delaware home sales fell in February on a monthly and yearly basis, while the median price declined from January but rose from a year ago.

Sales of existing homes – not new construction – in February totaled 830, down 7.88% from 901 in January and slightly lower than 838 in February 2024, a decline of 0.95%, the Delaware Association of Realtors reported.

The median sales price of $377,000 fell less than 1%, down 0.62% from $379,333 in January, but higher than a year ago by 2.70% when it was $367,083.

Prices have pulled back since October’s all-time high median price of $397,650.

The inventory of homes for sale was 3,506, up from 3,289 in January and from 2,883 one year ago.

The pace of sales slowed, with homes staying on the market an average of 50.7 days, longer than 47 days in January and 45.7 days in February 2024.

“While inventory gains are a step in the right direction, affordability remains a pressing issue,” said Scott Farnan, president of the Delaware Association of Realtors, in a press release.

The association is advocating solutions like the “One Percent for Housing” campaign, which calls for the state to dedicate 1% of its budget to affordable housing solutions, Farnan said.

Sussex County leads state in sales and prices

Sussex County topped the other counties in home sales with 354, holding steady from 353 in January and higher than 330 in February 2024.

The median sold price was the highest in the state at $434,500, down from $465,000 in January, but up from $421,250 a year ago.

Inventory of homes for sale climbed to 2,109 from 1,888 in January and from 1,692 in February 2024.

But the average time a home was on the market dragged out to 70 days compared with 62 in January and 56 days a year ago.

More Sussex County housing news: Hundreds of new homes coming to Long Neck area after county approval

New Castle County sales and prices

In New Castle County, sales totaled 324 in February, down from 403 in January and from 353 a year ago.

The median sold price was $364,000, rising from $350,000 in January and from $330,000 in February 2024.

Inventory of homes for sale was 838, climbing from 831 in January and from 713 a year ago.

The average time a home was on the market was 36 days, slightly longer than 34 days in January and longer than 28 days in February 2024.

Kent County real estate figures for February

Kent County sales totaled 152, up from 145 in January, but lower than 155 a year ago.

The median sales price of $332,500 rose from $323,000 in January but fell from $350,000 in February 2024.

Active inventory was 559, falling from 570 in January but higher than 478 a year ago.

The average time a home was on the market was 46 days, up from 45 days in January, but sales were faster than a year ago, when the average was 53 days.

More Kent County news: Proposed animal sanctuary near Hartly clears one hurdle with limits on number of animals and fencing

National sales and prices climb

In the U.S. as a whole, existing home sales were better than Delaware on a monthly basis, increasing by 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million, reported by the National Association of Realtors.

However, compared with last year, national sales slipped 1.2%, while in Delaware the decline was less than 1%.

The national median sales price rose to $398,400 in February, compared with $396,900 in January and $383,800 a year ago. That’s a 3.8% year-over-year increase vs. the 2.7% rise in Delaware.

The inventory of unsold existing homes climbed 5.1% from the prior month to 1.24 million at the end of February.

Properties remained on the market for an average of 42 days in February, up from 41 days in January and 38 days in February 2024.

“Home buyers are slowly entering the market,” said Lawrence Yun, chief economist at the National Association of Realtors. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”

Reporter Ben Mace covers real estate, development and business news. Reach him at rmace@gannett.com.

• Delaware senators unanimously passed three bills that seek to protect consumers and force the state’s energy industry to be more transparent and accountable to rate payers.
• The bills’ primary sponsor, Sen. Stephanie Hansen, dubbed Thursday “rate payer relief day.”
• The bills now go to the state House of Representatives for consideration.

Lawmakers in the Delaware Senate joined forces Thursday to unanimously pass three bills seeking to protect consumers and force the state’s energy industry to be more transparent and accountable to ratepayers. 

Senate bills aim to protect consumers, force utility and energy transmission operators to be transparent and consider the ratepayer in their decision-making, and limit how much in annual capital expenses Delmarva Power can recover. 

“Today is ratepayer relief day here in the state Senate,” the bills’ primary sponsor, Sen. Stephanie Hansen, said on the chamber floor Thursday afternoon. “The strain that this has placed on Delaware families has been enormous, and more than some can bear.” 

The legislation was prompted following jumps in energy bills across the state this winter, the cause of which has become a hot topic among Delawareans, some of whom have placed the blame primarily on renewable energy.  

Hundreds of angry consumers have filled town halls demanding answers about their bills and questioning how state lawmakers were going to fix it, Hansen said.  

Republicans also signed on as cosponsors to the legislation. 

Republican Sen. Eric Buckson said he and his colleagues are “joining forces” on this issue because the legislation “impacts and helps Delawareans throughout the state who are dealing with high costs.” 

HIGH ENERGY COSTS: Renewable energy isn’t the cause of electric bills spiking in Delaware. Here’s what is

Senate President Pro Tempore Dave Sokola applauded Hansen’s efforts, championing her expertise in energy policy over the last several years.  

“Her expertise and diligence to put Delaware on a sustainable path toward more certain energy reliability have resulted in three thoughtful bills that will protect ratepayers from future undue cost increases,” he said. “Despite the misinformation being spread by Republicans about the root causes for these increases, Sen. Hansen has remained resolute in her mission to hold our utility companies accountable to their customers by restricting their ability to needlessly raise rates.” 

Using the ‘prudence standard’ 

Senate Bill 59 changes the standards for what costs can be included in a utility’s rate base pitched to the Public Service Commission.  

Delaware is one of two states that doesn’t use the “prudence” standard and instead uses the “business judgment rule,” which favors the utility in rate cases. A switch to the prudence standard raises the utility’s responsibility to consider economic risk to ratepayers.  

Hansen said the prudence rule looks “at the objective reasonableness” of an expenditure based on what the “utility knew or should have known” when the expenditure was made and ask if it was prudent. 

“Other states made this switch because they recognize that regulated utilities are generally monopolies that serve a particular area, and the customers are captive,” the senator said. 

Cap on recoverable expenses 

Senate Bill 60 places a cap on annual capital expenses recoverable by Delmarva Power.  

It does not allow for recovery for lobbying, political contributions, charitable contributions, and certain advertising and public relations activities.  

CONSUMER ASSISTANCE: How to get relief on Delmarva Power bills

An amendment to the bill restricts recovering from membership dues if it involves lobbying or similar activities intended to influence the outcome of legislation, rules, ballot measures or regulatory decisions.  

It also adds an exception to the $125 million cap on annual capital expenses in the event of an emergency or extraordinary circumstances like a natural disaster or tariffs.  

Grid operator transparency 

Senate Bill 61 calls for transparency by PJM Interconnection, which is the regional electrical grid operator controlling generators and transmission lines across the Mid-Atlantic region.  

Delaware joins neighboring states like Pennsylvania, New Jersey and Maryland in raising concerns about the operator’s decisions. Currently, utilities vote in private on rules at PJM, which impact electric rates, grid reliability and transitioning to clean energy.   

ENERGY BILLS: Delaware Senate committee investigates causes of spike in Delmarva Power bills this winter

The First State’s bill will require Delmarva Power and the state’s Division of the Public Advocate to annually report their votes at PJM to the Public Service Commission.  

“PJM’s decision-making affects all of us,” Hansen said. “Although the final voting on issues by PJM is public, the voting that occurs at the lower subcommittee meetings is not and this is where the policy is developed which leads to the issues that bubble up to the top.” 

What’s next?  

The bills now go to the state House of Representatives for consideration.  

Got a tip? Contact Amanda Fries at afries@delawareonline.com, or by calling or texting 302-598-5507.