Home Sales In West Rise In February

March 24, 2010

in News

Home Sales In West Rise In February

Home sales edged 3 percent higher in the Western region of the country last month, as many buyers moved to lock in deals in time to qualify for government tax credits. Foreclosed homes and other sharply discounted properties continued to drive sales in many markets in the 13-state region, particularly in California, Arizona and Nevada. And the region appeared dodge the dampening effects of winter weather seen elsewhere in the country. Nationally, sales rose nearly 8 percent from February last year, without adjusting for seasonal factors, the National Association of Realtors said Tuesday. While the supply of homes on the market rose nationally, in many Western markets there is a shortage. The supply of homes on the market in the West in February stood at 6.5 months, down from 8 months a year earlier, according to the NAR. In addition, the inventory of homes under priced under $500,000 in major markets in California has plummeted, constraining sales, Lawrence Yun, the trade group’s chief economist, said Tuesday. [Read this article]

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