Existing Home Sales Decline as U.S. Supply Dwindles: Economy – Bloomberg 01-22-13

Salient to Investors:

Stuart Hoffman at PNC Financial Services said a little dip doesn’t take the momentum away, and for the first time in a while it’s as much a sellers’ market as a buyers’ market. Hoffman expects prices and sales to continue to rise in 2013.

Lawrence Yun at NAR said the only concern is the inventory situation, since price increases are almost guaranteed in 2013 – he expects a 4 percent to 5 percent increase in 2013 which may be exceeded if supply remains tight.

At current rates, it would take 4.4 months to sell all houses currently on the market, the lowest since May 2005.

The median economist expects sales of existing homes to rise 7.2 percent in 2013 while prices gain 3.3 percent versus an estimated 4.5 percent rise in 2012.

Read the full article at http://www.bloomberg.com/news/2013-01-22/sales-of-u-s-existing-homes-drop-on-lowest-supply-in-a-decade.html

 

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