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Despite sparse home inventory, the National Association of REALTORS reports that 4.59 million “existing homes” were sold in February on a seasonally-adjusted, annualized basis.
There are now just 2.43 million homes for sale nationwide — a 19% reduction versus a year ago. According to the NAR, existing homes are selling at a pace that would liquidate the inventory in 6.4 months. Many analysts consider a 6-month supply indicative of a market in balance. Continue reading