If you’ve been following housing market news this year, you may have been surprised by the latest home sales numbers to come out this week. Sales of existing homes stalled at 4.92 million, dropping 0.6% in March from February.
With the recent market recovery of 2013 and the anticipation of a hot spring real estate market, many people are wondering what is going on?
THE PROBLEM IS LACK OF HOMES. There’s plenty of demand from buyers, but just not enough to choose from on the market. Most areas are experiencing multiple bids, and many buyers are waiting daily for new homes to come up for sale.
Some sellers are also being affected as well. Sellers are seeing how difficult it is to find a home right now and they are not confident that if they sell their home they will be able to find a new one to move into.
Despite the decline in March sales from February, home sales were still 10.3% higher than the same month a year ago, marking the 21st consecutive month of year-over-year increases. That’s good news, and a good indicator of how the market is trending in the big picture.
Demand is still strong, according to the National Association of Realtors, which reported buyer traffic is 25% above a year ago. But the drop in available homes has put upward pressure on prices. And some buyers are getting frustrated and priced out.
SELLERS: If you didn’t have enough equity to sell your home last year, you may be able to sell now. Talk to a Realtor today and take advantage of the recent up turn in pricing and the current surplus of buyers. Find out if you have enough equity in your home to make the move you have been waiting for.
BUYERS: It is very important to have a Realtor send you homes daily as they come on the market. If you are looking to buy a home right now you will have to be fast and be prepared for the current conditions. Your local Realtor will help you navigate today’s market.
- Kari Cross
- Intero Real Estate Services