NAR Releases February Real Estate News

NAR Releases February Real Estate News

Good News on Nationwide Sales                            

Existing-home sales have risen again, showing 12 consecutive months of year-over-year price increases according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops are on pace to reach 4.98 million annual units, up 10.2 percent compared to February 2012.

Existing Home Sales By Region

NAR chief economist Lawrence Yun sees a strong housing market nationally. "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 said. "The only head-winds are limited housing inventory, which varies greatly around the country, and credit conditions that remain are too restrictive."

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