Existing-home sales up; low inventory and affordability still risky

  • NAR reported that 5.47 million homes (at a seasonally adjusted annual rate) were sold in January 2015.
  • Although mortgage rates are stabilizing, affordability and inventory are still serious problems.

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The National Association of Realtors released its existing-home sales numbers this morning, showing a modest growth in home sale numbers — exactly what First American chief economist Mark Fleming said he was expecting to see. NAR reported that 5.47 million homes (at a seasonally adjusted annual rate) were sold in January 2015.