Home Sales Up In January

Single-family home sales edged up in the month of January, despite a shortage of homes on the market, according to the National Association of Realtors. Both sales and home prices were up, and due to the limited inventory of homes we have “transitioned into a seller’s market in much of the country,” according to Lawrence Yun, NAR chief economist. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly.” The number of homes listed for sale on the market is at the lowest level since December 1999. A seasonal inventory rise is expected for the traditional spring selling season, but not enough to avoid multiple bidding and faster-than-normal price growth. To read the full article visit USA Today.