National sales increase despite inventory woes
Tuesday, April 30, 2013
Existing-home sales nationwide increased 10.30 percent in March despite inventory constraints, which continued to pressure home prices upward, according to the National Association of REALTORS®. 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 says. Total housing inventory at the end of March increased 1.6 percent to 1.93 million existing homes available for sale, which represents a 4.7-month supply.
The national median existing-home price for all housing types was $184,300 in March, which is 11.8 percent higher than March 2012.