March Stats

The National Association of realtor has released its report on the sales of
pre-owned homes and condominiums for March 2005. Sales rose to 6.04 million units. This figure is up 1.2% from February’s total of 5.97 million units. This marks the third best sales month in history. The median home price in the US rose to $195,000, up 11% from March of 2004. Fueled by low interest rates, housing prices and sales have remained strong over the past several years. Some Realtors are predicting a slow down in the market in the upcoming months. Last week a report was released showing a 17% plunge in new construction starts for March. According to NAR Chief Economist David Lereah, “the market is very strong. The problem in this country is housing supply. It is very lean”.