Some Highlights:

  • Existing home sales rose to an annual rate of 5.47 million, representing an 11% increase year-over-year.
  • Inventory levels remain below the six-month supply needed for a normal market at a 4.0-month supply.
  • Lawrence Yun,?NAR’s chief economist, warns:?“The spring buying season is right around the corner and?current supply levels aren’t even close to what’s needed?to accommodate the subsequent growth in housing demand.”

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