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Inventory Hampering Home Sales and Pushing Prices Higher

Monday, March 23, 2015

Short supplies of existing home inventory continued to hold back sales in February the National Association of Realtors® (NAR) said today, but contributed to the fastest annual gain in home prices in a year.  Weather was also a factor, with lackluster sales in the snow-plagued Northeast offsetting gains in Sunbelt states.

Nationwide sales of existing single-family homes, townhomes, condominiums, and co-ops rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February from 4.82 million in January. Sales were 4.7 percent higher than in February 2014, the fifth consecutive month that year-over-year sales increased.

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"We appreciated that Mark took time to explain the different options to us as first time homebuyers. He gave us tips about making an additional payment each year and spoke with us about tax credits. He finds out what you already know by asking you questions and then helps you without making you feel unknowledgeable. We were very satisfied with the service. We plan to refer Mark to family and friends that are looking to purchase or refinance."
Kelsey & Eric B.