Home Sales Pace

Are you in the market of selling or buying a home? Here is some interesting information regarding the Housing Market…

After a slight uptrend, sales of existing U.S. homes slipped in February, according to the National Association of Realtors.

Total existing home sales dipped 0.9 percent in January to a seasonally adjusted annual rate of 4.59 million units from an upwardly revised 4.63 million in January. Sales were 8.8 percent higher than February 2011 figures, however.

“The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” said NAR chief economist Lawrence Yun.

And NAR president Moe Veissi added “supply and demand have become more balanced in more markets, but with tight supply in the lower price ranges – particularly in the West. When markets are balanced, we normally see prices rise one to two percentage points above the rate of inflation, but foreclosures and short sales are holding back median prices.”

The national median home price rose though on a monthly basis in February to $156,600 from $154,700. That is also up 0.3 percent compared with the year before.

The NAR defines existing homes as all previously-owned single-family homes, townhouses, condominiums, and co-ops. The group “seasonally adjusts” the sales numbers to factor in things like inclement weather, school sessions, winter holidays, etc. to smooth out the trends.

The NAR also describes its sales data based on an annual pace. The monthly figure represents the total number of housing units that would be sold in one year if the current rate were to continue unchanged.

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