Dive summary:
- Existing homes sold in March at an annual pace 0.6% below February while inventory rose slightly, but it was not enough to take away the sellers' market that has helped both homeowners and builders.
- Lawrence Yun, chief economist for the National Association of Realtors, opines an inventory well below levels from a year ago is pushing up prices, which in March averaged $184,300 nationally for all existing homes.
- Like home builders, the sales agents' organization likes low mortgage interest rates but decries underwriting standards that make loans hard to get for potential buyers.
From the article:
"We need a housing supply of over 6 months to have a generally balanced market between home buyers and sellers, but it's unlikely we'll get there without greater increases in housing construction."
