WASHINGTON — U.S. home sales slid 3.6
The National Association of Realtors said Wednesday that sales of existing homes fell last month to a seasonally adjusted annual rate of 5.57 million units. Despite the monthly setback, sales
The strengthening U.S. economy helped to lift home sales last year, but homeowners are choosing not to list their properties despite the rising prices and relatively low mortgage rates. The lack of homes for sale speaks to the lingering aftershocks from the 2007 housing crisis. After a wave of mortgage defaults and foreclosures, investors bought many properties and turned them into rentals. Meanwhile, homeowners are choosing to build equity rather than upgrade to another house.
Just 1.48 million homes were listed for sale at the end of December, a 10.3
Home values are climbing faster than wages because of the dearth of available properties. The median home sales price increased 5.8
Sales in December fell in the Northeast, Midwest, South and West.
The shortage of homes for sale appears to be setting up a surge in remodeling.
Homeowners are expected to spend nearly $340 billion this year on improvements and repairs, a 7.5
This would be the steepest increase in renovation activity in more than a decade.
Because buyers have limited choices, they're increasingly willing to pay above the asking price.
The problem is at its worst in the most expensive markets. Nearly half of homes around San Jose, California — the epicenter of U.S. software companies — sold for above asking with the average premium of $62,000.