Advertisement
 
Wednesday, April 01, 2015
Amsterdam, NY ,
Advertisement

US home sales slip as supply remains tight

Monday, April 22, 2013 - Updated: 3:50 PM

WASHINGTON (AP) — Sales of previously occupied U.S. homes dipped in March as the supply remained tight, though the pace remained ahead of last year’s.

The National Association of Realtors said Monday that sales dipped to a seasonally adjusted annual rate of 4.92 million, from 4.95 million in February. February’s figure was revised lower.

Sales in March were 10.3 percent higher than a year earlier.

The number of homes for sale rose 1.6 percent to 1.93 million. That is still 16.8 percent below the supply of a year earlier. The Realtors’ group says it expects a rising number of homes to become available.

The median price rose 11.8 percent from February to March to $184,300, the biggest one-month gain since 2005. That might have caused some investors to hold off on purchases.

Steady hiring and near-record-low mortgage rates have helped boost home sales. More Americans are moving out on their own after living with friends and family in the recession. That’s creating more housing demand.

Sales would have to reach an annual pace of 5.5 million to be considered healthy. First-time buyers, who are critical to a housing recovery, make up only about 30 percent of sales. That’s well below the 40 percent typical in a healthy market.

Since the housing bubble burst more than six years ago, banks have imposed tighter credit conditions and required larger down payments. Those changes have left many would-be buyers unable to qualify for super-low mortgage rates.

Mortgage rates dropped last week to near-record lows. The average rate for a 30-year fixed mortgage dropped to 3.41 percent from 3.43 percent. That’s not far from the record low of 3.31 percent in November.

Rising demand and short supplies have encouraged builders to boost construction. U.S. builders started work on more than 1 million homes at an annual pace in March, the first time they’ve topped that threshold in nearly 5 years.

     

Comments made about this article - 0 Total

Comment on this article

Advertisement
The Recorder Sports Schedule

 

The Recorder Newscast

Most Popular

    Ovechkin, Chimera lead Caps past Rangers
    Monday, March 30, 2015

    Michael T. Bintz
    Thursday, March 26, 2015

    F-FCS athletes Board eyeing tougher rules
    Friday, March 27, 2015

    Amsterdam native's wife endorsed for Nevada Senate post
    Saturday, March 28, 2015

    Best friends in life playing best friends in a high school musical
    Thursday, March 26, 2015

    Man burned by vehicle fire
    Saturday, March 28, 2015

    Hot dog fans in Amsterdam are about to learn why everybody loves a wiener
    Monday, March 30, 2015

    Second lawsuit is filed in Palatine
    Saturday, March 28, 2015

    Division Street residents just want a place to park
    Friday, March 27, 2015

    Sanford exhibit opens to public on Wednesday
    Thursday, March 26, 2015

Advertisement

Copyright © Port Jackson Media

Privacy Policies: The Recorder

Contact Us

Twitter

Instagram

Facebook