The National Association of Realtors (NAR) revealed in its March housing trend report that existing home sales were relatively flat in the month, with home prices seeing a slight gain and growth in inventory as well.
Sales
Existing home sales fell 0.2 percent on a month-on-month basis to a seasonally adjusted rate of 4.59 million for the month of March. All cash sales of these homes accounted for 33 percent of all transactions. Single family home sales were unchanged at 4.03 million when compared to a month earlier. Condo and co-op sales fell 1.8 percent from February.
Existing home sales fell most in the Western states at 3.7 percent to a seasonally adjusted 1.07 million. However, sales rose 9.1 percent in the Northeastern region.
Prices
The median home prices for all kinds of homes were up 7.9 percent, when compared to the figures of the same period a year ago. Single family home prices rose 7.4 percent while condo and co-op prices were up 11.6 percent.
The highest price rise was seen in western states as it shot up by 12.6 percent from a year ago. In the south and Midwest, prices were up 6.7 percent and 5.9 percent, respectively. The Northeastern states saw prices go up by 3.2 percent, the lowest among the regions.
Inventory
The median age of inventory was about 22.9 percent above the figures recorded last year at the same time. Total housing stock went up 4.9 percent by the end of March and unsold inventory is about 3.1 percent higher than the figures of last year.
Experts Speak
Experts said that considering the level of growth in population, more homes should be selling at the time. The cold freeze dampened the housing market at the start of the year. However, they are optimistic about the spring housing market.
"With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly," Lawrence Yun, chief economist at NAR explained in a statement.
"While inventory is still low, the continuing annual lift in the number of homes on the market that we've seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring," Steve Berkowitz, CEO of Move, Inc. said in another statement.
