Pricing and mortgage availability barring first-time homebuyers


March's existing home sales volume of 4.59M was 7.5% below last year's pace and the slowest volume since July 2012. The NAR's Larry Yun sounds frustrated: “There really should be stronger levels of home sales given our population growth."

The median price of $198,500 is up 7.9% from a year ago. Distressed sales accounted for 14% of all sales, down from 21% a year ago. Inventory rose 4.7% to 1.99M homes - a 5.2 month supply at the current sales pace, up from 5.0 months in February.

All-cash sales accounted for 33% of all deals vs. 35% in February, 30% a year ago. Individual investors purchased 17% of homes, vs. 21% in February, 19% a year ago. Seventy-one percent of investors paid cash in March.

Full report

Comments (4)
  • june1234
    , contributor
    Comments (4263) | Send Message
     
    Thats because weather this March was much worse than last March and besides people don't need mortgages anymore.
    22 Apr 2014, 10:54 AM Reply Like
  • DrGarnicus
    , contributor
    Comments (116) | Send Message
     
    This is GOLD!
    22 Apr 2014, 12:50 PM Reply Like
  • KJP712
    , contributor
    Comments (469) | Send Message
     
    The Basement Apartment is too good for some to pass up.Wait till next year!
    22 Apr 2014, 01:16 PM Reply Like
  • mkemac
    , contributor
    Comments (1539) | Send Message
     
    Housing peaked. Stock market at record. Gee me thinks bubble.
    22 Apr 2014, 05:58 PM Reply Like
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