Existing-home sales haven risen again, showing 12 consecutive months of year-over-year price increases according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops are on pace to reach 4.98 million annual units, up 10.2 percent compared to February 2012.
NAR chief economist Lawrence Yun sees a strong housing market nationally. "Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable," he said. "The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive."