Last week, NAR released a summary of existing home sales data showing that existing home sales declined again for the seventh time in eight months. March sales showed a decrease in sales of 0.2% from last month and 7.5% from a year ago.
The national median existing-home price for all housing types was $198,500 in March, up 7.9% percent from March 2013.
All regions showed growth in prices, but the West maintained the biggest gain at 12.6% from a year ago. The Northeast had the smallest price again at 3.2% from a year ago. Affordability is having an impact in the South and West regions.
March’s inventory figures increased by 3.1% from a year ago and it will take 5.2 months to move the current level of inventory.
With sales down this month, March marks the second straight month of decimal declines. Job creation will help compensate in markets where affordability is a challenge. Housing starts are at a historic low and a boost will help inventory and slow down rising home prices. See the full NAR Existing Home Sales press release here and data tables here.