February Home Sales Up Slightly from January - East Idaho News
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February Home Sales Up Slightly from January

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Getty 032315 HomeSalesUp?  SQUARESPACE CACHEVERSION=1427134138225iStock/Thinkstock(WASHINGTON) — U.S. home sales were up in February, but not by much. Sales of existing home sales rose just 1.2 percent last month, showing a modest rebound after plunging in January.

Thanks to improved employment, easier financing and low mortgage rates, the National Association of Realtors had predicted that home sales would continue to grow throughout the year. But the group now says sales are still underperforming.

National Association of Realtors Chief Economist, Lawrence Yun, said that sales were first “hampered by some bad weather in the New England region.” Furthermore, he added, “the underwriting standards and lack of inventory appears to be holding back even the potential for even a greater boost in home sales.”

If home sales are to improve, homebuilders will need to increase production so more new inventory becomes available, Yun said, adding that the credit condition “needs to be modestly dialed down from current overly stringent conditions.”


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