Sales of existing U.S. homes were essentially flat in January, according to data from the National Association of Realtors, and while the median price dropped compared to December, both sales and prices are up dramatically from the previous year.
Total sales inched up just 0.4 percent to a seasonally adjusted annual rate of 4.92 million homes in January, up from a downwardly revised 4.90 million the month before. Compared with January 2012, however, sales increased 9.1 percent.
"Buyer traffic is continuing to pick up, while seller traffic is holding steady," said NAR chief economist Lawrence Yun. "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."
The national median home price fell to $173,600 in January, down from $180,200 in December, but it was still up 12.3 percent from the previous year. There have now been 11 straight months of year-over-year price gains.
Author:Jeremy Flax Phone: 615-582-0909 Dated: March 7th 2013 Views: 501 About Jeremy: ...
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