Existing home sales on the rise!
Sales of existing homes rose three percent in January, reaching the highest level in seven months, according to the National Association of Realtors® (NAR). David Lereah, NAR’s chief economist, attributed some of the market activity to the unseasonably warm weather that was experienced by many regions in December and early January.
In addition, the total housing inventory level stands at 3.55 million, which represents a 6.6 month supply at the current sales pace, down from a level of 7.4 months in October. Lereah said, “Inventories are looking better” but he’s looking forward to spring, “when the market is expected to become more balanced.”
Weichert News – 3/08/2007
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