Data out from the National Association of Realtors shows sales of existing homes last month were 5.2% above the March 2011 totals, and that is the ninth consecutive month of year-over-year gains.
The group also said that figures from its members showed total housing inventory was down 21.8% from March 2011 and prices for existing-home prices were up 2.5%.
It's a sign of a housing recovery, the Realtors said, but it has varying meanings for home builders according to region.
“We were expecting a seasonal increase in home listings, but a lack of inventory has suddenly become an issue in several markets with not enough homes for sale in relation to buyer interest,” Lawrence Yun, NAR chief economist, said. “Home sales could be held back because of supply factors and not by demand – we’re already seeing this in the Western states and in South Florida.”
Foreclosed homes and short sales still affect the overall home-buying market, which in turn affects how eager builders are to build ahead of a firm commitment.
