West leads Nation in Existing-Home Sales & Prices

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.

For Sale

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.

Search Chula Vista Luxury Homes

About Daniel Di Matteo

Realtor at CENTURY 21 Award, Daniel was Voted U-T San Diego’s Best Real Estate Agent in 2014. A Husband, Father, and most recently, accomplished Blog writer, which explains your visit today.