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NAR declares a seller's market as buyer traffic leaps 40 percent

Thursday, February 21, 2013  
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A seller's market is developing across the country as sales rose in every region but the West, the region most constrained by limited inventory, report the National Association of REALTORS®. Existing-home sales are 9.1 percent above the 4.51 million-unit pace in January 2012.

Lawrence Yun, NAR chief economist, said tight inventory is a major factor in the market. "Buyer traffic is continuing to pick up, while seller traffic is holding steady," he says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."

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