Real Estate Market Feb 2015

The National Association of Realtors latest report on the housing market shows that home sales rose a modest 1.2% in February.

The home sales, inventory remains very tight and is limiting the selection of homes for first-time buyers. Last month the home sales inventory was down by half a percent. At this time of year the inventory of homes for sale should be averaging about 5.6%, according to the National Association of Realtors.

Economists say that uncertainty about the US economic climate and a shortage in existing home equity is causing many potential sellers to remain in their houses much longer than in the past. Currently, one survey showed that homeowners on average have been staying in their homes. 10 years versus the usual seven-year turnover rate.

The very tight real estate housing market across the country has caused the median home price in February to jump 7 1/2% from the same period a year ago.

Because of our harsh winter weather, home sales in the Northeast fell by 6 1/2% in February. Home sales in the Midwest were unchanged. Lastly, February home sales rose 1.9% in the South and rocketed up 5.7% in the West!

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