Existing-Home Sales Slip Due to Limited Inventory,
Prices Maintain Uptrend
April 23, 2013
Existing-home sales eased in March from inventory constraints, which continued to pressure home prices, according to
the National Association of Realtors®.
Total existing-home sales, declined 0.6 percent to a seasonally adjusted annual rate of 4.92 million in March from
a downwardly revised 4.95 million in February, but remain 10.3 percent higher than the 4.46 million-unit pace in March 2012.
Sales have been above year-ago levels for 21 consecutive
months, while prices show 13 consecutive months of year-over-year price increases.
Lawrence Yun , NAR chief economist, said there is more demand than supply in the
current market. "Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity,"
he said. "In the same timeframe housing inventories have trended much lower, which is continuing to pressure home prices.
The good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically
favorable levels. The bad news is that underwriting standards remain excessively tight, while renters are getting squeezed
by higher rents."
To read more......
Or for a briefing on what's happening in the housing market, watch Lawrence
Yun, NAR chief economist in the 5 minute video.
Member Services & Products
On Your Mark
NAR Action Center
REALTOR® of the Year
Find a REALTOR®
is a federally registered collective membership mark which identifies a real estate professional who is a
Member of the
NATIONAL ASSOCIATION OF REALTORS® and subscribes to
its strict Code of Ethics.
Board of REALTORS®, Inc.
247 Washington Street * Stoughton
* MA * 02072 * 781-344-1900
Copyright © 2003-2012 Tri-County Board of REALTORS®, Inc., tricountyrealtors.org.
All Rights Reserved.