Home sales continued to be sluggish in February, and decreasing affordability is holding back would-be buyers, according to Redfin’s latest Real-Time Price Tracker and Demand Pulse reports issued today. Slow sales have been largely attributed to low inventory for months, but many markets have now seen inventory rise while sales continue to fall. Several markets along the West Coast have seen sharp increases in inventory, yet home sales in the West fell 13.4 percent year over year, hitting their lowest point in five years in the first two months of 2014, while prices rose 19.1 percent year over year. Across 19 markets nationwide, prices rose 13 percent over last year, while home sales dropped by 10.3 percent.
What does this mean for you? Buyers and sellers will need to adjust expectations. Here is some expert advice from Redfin agents to help you successfully navigate the market.
Buyers:
Sellers:
What questions do you have as the real estate season heats up this year? Share your thoughts and questions with us on Facebook, Twitter or Google+.
