The New York Times reported that existing home sales rose slightly in February, approximately 1.2 percent. Economists were hoping to see a sharper increase in sales in the first quarter, but the current lack of inventory has slowed down the pace. The sluggish growth may halt the Federal Reserve from increasing mortgage interest rates in June.
Economists forecasted home re-sales to increase 4.90 million in February; however, the National Association of Realtors said that home re-sales rose to only 4.88 million.
The shortage in inventory is causing a rise in home prices and a decrease in houses on the market. The median price of an existing home was 7.5 percent higher than February of last year.
Traditionally, April to August is referred to as “spring selling season,” the busiest time of year for the housing market. However, economists are predicting that insufficient equity and uncertainty about the economy’s strength may cause potential sellers to stay in their homes longer.
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