The National Association of Realtors (NAR) reports total existing home sales—single-family, townhomes, condos and co-ops–fell 0.4 percent in Feb. to a seasonally annual adjusted rate (SAAR) of 4.60 million, down from 4.62 million in January. Lawrence Yun, NAR Chief Economist, suggests the severe winter weather likely contributed to the drop. The pace was 7.1 percent below the 4.95 million unit sales in Feb., 2013, but the lowest since July, 2012 when sales hit 4.59 million, according to worldpropertychannel.com.

Despite the drop in sales, the median existing-home price for all types of housing hit $189,000, 9.1 percent above Feb. 2013. Yun adds: “Price gains have translated into an additional $4 trillion of housing wealth recovery over the past three years.” MHProNews.com has learned single-family home sales nudged down 0.2 percent to an SAAR of 4.04 million in Feb., from 4.05 million in Jan., and are 6.9 percent below the 4.34 million-unit level in Feb. 2013.

NAR President Steve Brown, noting a weak level in first-time buyers, says, “The biggest problems for first-time buyers are tight credit and limited inventory in the lower price ranges,” he said. “However, 20 percent of buyers under the age of 33, the prime group of first-time buyers, delayed their purchase because of outstanding debt. In our recent consumer survey, 56 percent of younger buyers who took longer to save for a down payment identified student debt as the biggest obstacle.” ##

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