Home Sales Inch Up in March 2006 While Inventory Grows Quickly
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The signs of a bubble bursting are not here yet, as home sales inched up .3 percent while inventory rose to a 5.5 month supply of housing. While these numbers are much better than detractors previously thought they would be, the market looks like it will muddle through the rest of the year. As has been said before, certain pockets that had explosive growth the past couple of years will experience some pain, but overall we think that the market will flounder nationally as inventory and gains are absorbed and then be positive in 2007.
The National Association of Realtors said Tuesday that sales of existing homes edged up a tiny 0.3 percent last month to a seasonally adjusted annual rate of 6.92 million units.
The March increase followed a bigger 5.1 percent jump in February with the two months representing the first advances since five consecutive monthly declines.
The median price of a new home rose to $218,000 last month, a gain of 7.4 percent from a year ago. That price increase was far slower than the double-digit gains turned in last year as the housing boom was peaking.
Analysts said that so far this year home sales are running 4 percent below the pace set in 2005, a year in which home sales set a record for a fifth straight year. Analysts believe that rising interest rates will result in a drop in sales of existing homes of around 6 percent this year as the five-year boom in housing slows. via Yahoo! Finance.
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