It’s A Sellers’ Market, According to NAR

A recent report by National Association of Realtors® (NAR) reveals a sellers’ market is developing in real estate as home sales and prices continue to rise steadily across the nation when compared to 2012. Every region in the country saw rising home sales in January this year except for the West which continues to have limited inventories.

Lawrence Yun, NAR chief economist, said “Tight inventory is a major factor in the market. Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said.  “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly.  We’ve transitioned into a seller’s market in much of the country.”

NAR REPORT HIGHLIGHTS

National median existing-home price for all housing types rose 12.3% to $173,600.

January 2013 marks 11th consecutive month of year-over-year price increases

Foreclosures represented 14% of January sales and 9% were short sales

Median time on market for all homes was 71 days in January compared to 99 last year

For more information from the report click here or visit National Association of Realtors®. Sierra Sotheby’s International Realty professionals represent homes that embody the rich tapestry of unique settings and diverse locales. Allow us to artfully unite you with the perfect home befitting your lifestyle. For more information on the Lake Tahoe region view the latest micro-market reports.