Existing Home Sales Stay Strong
By Elaine Stewart, RE/MAX All-Pro
(Elaine Stewart is the #1 Individual RE/MAX Agent for 13 years straight in the Coachella Valley. (760) 668-2399 )
Despite sparse home inventory, the National Association of REALTORS® reports that 4.59 million existing homes were sold in February on a seasonally-adjusted, annualized basis. An "existing home" is a home that cannot be classified as new construction. Last month's sales data represents a 9 percent improvement from the year prior. The market for home resales stays strong. There are now just 2.43 million homes for sale nationwide -- a 19% reduction versus a year ago. The complete home inventory would "sell out" in 6.4 months at the current sales pace. Some analysts believe that a 6-month home supply indicates a housing market in balance. The real estate trade group's report contained other noteworthy statistics, too : 32 percent of home sales were made to first-time buyers 33 percent of h...
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