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February 2013 Market Update
February 2013 Market Update
 
The conclusion of 2012 paints a promising picture for 2013 and the national housing market. Falling inventory levels coupled with record-low mortgage rates, which drive high levels of demand, continue to drive home prices upward.
NAR Chief Economist Lawrence Yun states that this pent-up demand is sustaining the market and that “record-low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales.”
He goes on to say that anticipated job creation and household formation will continue to fuel confidence growth in the housing market. He expects both sales and prices will once again be higher in 2013.
NAR President Gary Thomas claims, “The biggest impact of tight inventory is upward pressure on home prices, but after values fell below replacement construction costs, prices are still affordable in most of the country.” While mortgage rates are expected to stay low for the first half of the year, and home prices still remain affordable for most, there is an urgency to buy now, before home prices increase more significantly.
 
 
 
Home Sales
In Millions Home sales this month were down 1% from last month and up ... more

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