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Home Sales Are Down, Prices Are Up: Yes, This Housing Market Is Tight

Posted by Bonnie Martin Designated Broker on Tuesday, February 24th, 2015 at 11:41am. - If you’ve been following the news here on in recent weeks, you’ll know we’re in a supertight real estate market. And today’s report from the National Association of Realtors® is yet more confirmation: Home sales declined in January to their lowest rate in nine months while home prices increased, the NAR said.

Sales of previously owned homes dropped 4.9% to a seasonally adjusted annual rate of 4.82 million in January, the lowest sales volume since April, according to the NAR existing-homes sales report. The median price of a house in January increased 6.2% to $199,600 year over year, according to the NAR.

Inventory is to blame.

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photo:  ©[chris boswell]/123RF.COM

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