News & Information: Real Estate News

National sales, median each increase by 10 percent

Thursday, March 21, 2013  
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February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Total existing-home are 10.2 percent above the 4.52 million-unit level seen in February 2012, while the median price is up 11.6 percent from a year ago.

Lawrence Yun , NAR chief economist, says conditions for continued housing improvement are at play. "Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable," he says. "The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive."

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