A very low supply of homes for sale is affecting sales in the U.S.
In February, 6.22 million existing homes sold, according to data released Monday by the National Association of Realtors (NAR). The sales figures represent a drop of 6.6% from January 2020, but an increase of about 9% compared to a year ago.
The lower sales figures were largely attributed record-low inventory. Total housing inventory at the end of February amounted to 1.03 million units, equal to January’s inventory and down 29.5% from one year ago.
"Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels," Lawrence Yun, NAR's chief economist, said in a statement. "I still expect this year’s sales to be ahead of last year's, and with more COVID-19 vaccinations being distributed and available to larger shares of the population, the nation is on the cusp of returning to a sense of normalcy."
This article originally published at https://dc.urbanturf.com/articles/blog/existing-home-sales-drop-in-february-due-to-record-low-inventory/18030.
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