January saw sales of existing homes hit the second highest rate of the expansion, according to marketwatch, with housing selling so strong inventory of for sale homes fell to one of its lowest points in decades, moving prices higher.
A survey conducted by the Association of Realtors (NAR) revealed an overwhelming preference of homeowners want a single-family home in the suburbs.
Chief Economist for the NAR, Lawrence Yun, said, “Supply and demand imbalances and unhealthy levels of price growth in several metro areas have made buying an affordable home an onerous task for far too many first-time buyers and middle-class families.”
While Yun added, “It’s time for homebuilders to double their focus on constructing single-family homes,” builder members continue to report difficulties obtaining lots and workers. ##
(Photo credit: comstock)
