On Tuesday, February 26,
2013 RISMEDIA reported that, according
to the National Association of REALTORS®, existing-home sales edged up in
January, while a seller's market is developing and home prices continue to rise
steadily above year-ago levels.
Lawrence Yun, NAR chief
economist, said tight inventory is a major factor in the market.
"Buyer traffic is continuing to pick up, while seller traffic is holding steady," he says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."
"Buyer traffic is continuing to pick up, while seller traffic is holding steady," he says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."
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NAR President Gary Thomas
says homes are selling faster. "The typical home is selling nearly four
weeks faster than it did a year ago," he said. "In this environment,
REALTORS® can help buyers strike a balance between moving quickly and
protecting their interests, such as making offers contingent upon a
satisfactory home inspection and obtaining a loan; of course, a loan pre-qualification
may help too."
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