Existing Home Sales in March totaled 4.48mm annualized, below estimates of 4.61mm and down from 4.60mm in Feb. It’s the slowest pace since Dec but because the amount of homes for sale fell, months supply remained unchanged at 6.3. Both single family and condo/co-op sales were down from Feb. The median home price rose 2.5% to $163,800, the most since Nov. As stated many times, the path to a signed contract to an actual closing has been plagued by tight lending standards and many appraisals that have come in below the agreed upon sales price. The NAR in the release is also saying that “home sales could be held back because of supply factors and not by demand” believing that there are not enough homes for sale in certain markets “in relation to buyer interest.” The NAR is talking their book of course and it’s hard to believe that there aren’t enough homes for sale in the markets they cite “in western states and in South Florida.”
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