Prices keep rising for home sales
Prices for existing home sales in the Northeast continued to grow last month despite the harsh winter weather that saw a 6.5-percent drop in the number of sales in the region, according to the National Association of Realtors (NAR).
Yet, although sales fell from January, they were still up 3.6 percent over February 2014, the NAR said. The median price of $241,800 for New England sales in February was up 3.3 percent from the previous year.
While the 36th consecutive month of year-over-year price gains nationwide is a boon to sellers, it continues to be an impediment to buyers along with the lack of housing inventory, according to NAR. Unsold housing inventory is at a 4.6-month supply at the current sales pace, down slightly from the same time last year.
“Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” Lawrence Yun, NAR chief economist, said.
Existing home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops.
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