Nationally, existing home sales in February were 7.1% lower than in February a year ago and home prices were up. The median home price was up 9.1% from last year. The National Association of Realtors® blamed tight credit conditions and low inventory in its press release today: February Existing-Home Sales Remain Subdued.
A recent survey of home buyers and home sellers shows that younger home buyers are delaying purchases due to high student loan obligations.
Low inventories of homes for sale across the country are constricting sales while driving up prices. The same is true in Flagstaff, according to my latest monthly Flagstaff real estate report.
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