A seller’s market is developing nationally, according to the National Association of Realtors®
The National Association of Realtors® announced its existing home sales data for the month of January today, which shows generally positive news for the real estate markets across the country. Only the Western Region of the U.S. did not show sales volume gains from a year ago. NAR attributes that exception to low inventory availability. That’s exactly what happened in the Flagstaff real estate market in January, as I reported last week.
Total existing-home sales , which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, were 9.1% above the pace of sales in January 2012. These numbers are compiled by NAR from multiple-listing-services nationwide.
NAR chief economist, Lawrence Yun, said tight inventory is a major factor in the real estate market. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.