March 2013 RE/MAX National Housing Report

In February, both home sales and prices rose higher than a year ago. After a decisive housing turnaround in 2012, this year looks to improve on recovering market trends. With data representing 52 metropolitan areas, the February RE/MAX National Housing Report shows home sales 2.3% greater than February 2012 and a median price 7.0% higher.

Still a concern is the number of available homes for sale, which continues to shrink, turning the market more favorable to sellers. Home inventory fell 29.2% from last year, resulting in a 4.8-month supply. In only the second month of the year, real estate agents are already seeing renewed consumer interest and are expecting increased traffic in the next few months.

As home prices recover in 2013, more homeowners will achieve positive equity and the number of foreclosures should be reduced. The current recovery has not yet brought housing back to pre-crisis levels, but appears on its way to a more stable and sustainable environment.

“It’s clear that the housing recovery is real and is moving full-speed ahead into 2013,” said Margaret Kelly, CEO of RE/MAX, LLC. “Consumers recognize that we’ve hit the bottom, and real estate is offering some great opportunities with low prices and low interest rates. This is an attractive combination that most of us will never see again in our lifetimes.”

To view the full RE/MAX National Housing Report for March, please click here

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