CFAH

The pace of seasonally adjusted existing-home sales in the U.S. fell 0.6 percent from a downwardly revised pace of 4.95 million in February to a 4.92 million pace in March but remains 10.3 percent above the 4.46 million unit pace recorded in March 2012.
Total housing inventory at the end of March increased 1.6 percent to 1.93 million existing homes actively on the market, a 4.7 month supply and up from a 4.6 month supply in February but versus a 6.2 month supply in March 2012. On a national level, around six months of inventory has historically been considered to be a “balanced” market.
The median sale price for existing-homes was up 6.1 percent in March from $173,600 to $184,300, up 11.8 percent year-over-year versus 11.6 percent in February as distressed sales accounted for 21 percent of sales volume, down from 25 percent in February and 29 percent in March 2012.
Existing-home sales in the west fell 1.7 percent from February to March but remain up 4.4 percent on a year-over-year basis with a median sales price that’s 26.1 percent higher on a year-over-year basis.
March Existing-Home Sales Slip Due to Limited Inventory [realtor.org]

Comments from Plugged-In Readers

  1. Posted by badlydrawnbear

    Dead cat bounce?
    Medians, seem up a bit sharply considering how many people are still out of work and the fact that wages continue to flat line (or falling when you adjust for inflation).
    Of course medians are not prices so I guess we will have to wait the extra month to get pricing data from Case Shiller

  2. Posted by Dan

    Not a dead cat bounce, and not a bubble (yet) nationwide. A recovery in prices makes sense. There are far fewer distressed sales, and supplies overall are lower, as investors have bought up SFRs to lease. Unemployment, though still high, is down substantially. And people are regaining confidence in the value of owning a home.

  3. Posted by badlydrawnbear

    Thanks Dan, I don’t disagree that prices should be up but the median just seemed up really sharply, to me.
    I am all for rising values, just at sustainable rate.

  4. Posted by Dan

    Yes, it’s possible we may have the makings of another bubble here in SF, though bubbles are most clearly seen on popping. But it makes sense that nationwide, real estate prices have risen, reflecting values in many places under rental costs and replacement costs.

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