BrokerageIndustry News

Existing-home sales, prices — and inventory — all post gains

NAR: Tight inventory still a drag on recovery

Existing-home sales and prices posted strong year-over-year gains in February, while inventory remained tight but eased slightly, according to a monthly report released today by the National Association of Realtors (NAR).Existing homes, which include single-family, townhomes, condominiums and co-ops, sold at a seasonally adjusted annual rate of 4.98 million during February, up 0.8 percent from January and 10.2 percent from a year ago. That's the fastest pace of sales since November 2009 when the first-time homebuyer tax credit boosted purchases.The national median existing-home price remained level at $173,600 from January but was up 11.6 percent from a year ago, continuing a 12-month string of consecutive year-over-year price increases not seen since May 2006. Existing-home inventory rose 9.6 percent from January to 1.94 million units in February but remained tight, at 19.2 percent below the inventory level from a year ago. With the month-over-month growth, the months' supply of...