The National Association of Realtors (NAR) report existing home sales in the U. S. slipped 0.2 percent to a seasonally adjusted annual rate (SAAR) of 4.59 million in March, down from 4.60 million in February, and 7.5 percent lower than the 4.96 million for sale March 2013. As worldpropertychannel.com reports, NAR Chief Economist Lawrence Yun says, “There really should be stronger levels of home sales given our population growth. In contrast, price growth is rising faster than historical norms because of inventory shortages.” He says if inventory improves and mortgage rates rise little, the ongoing job creation should yield more home sales.
First-time buyers accounted for 30 percent of all sales in March, up two percent from Feb. Distressed homes made up 14 percent of all sales, a drop from 16 percent in Feb., and 21 percent a year ago March. Foreclosures, ten percent of the distressed sales, sold for an average discount of 18 percent off market value, while short sales were 12 percent discounted. MHProNews.com has learned 37 percent of homes that sold in march were listed for less than one month. ##
