Limited supply of available homes for sale kept home prices on the rise Nationally while existing home sales slipped in parts of the country most affected by severe weather.
On a National level, existing-home sales were down 0.4% in February compared to January, and 7.1% lower than February 2013. The median home price in February was $189,000 which represents a 9.1% increase year-over-year.
In the West, the median home price rose 18% since February 2013 to $279,400 while sales of existing-homes increased 5.9% month-over-month.
Lawerence Yun, Chief Economist for the National Association of Realtors attributed the February figures to unusual weather disruptions and constrained inventory among other factors. While forecasting the moths ahead “With and expected pickup in job creation, home sales should trend up modestly over the course of the year.” said Yun.
Virtually immune to any weather disruptions, the San Diego real estate market is holding strong due to a continued shortage of homes for sale concentrated in the entry-level priced homes. Home buyers looking in the $600,000 and above price point while likely face an easier time than their first-time home buyer counterparts.
About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
