Sales of existing homes rose slightly in March, marking the sixth consecutive monthly rise for existing home sales in the last eight months, the National Association of REALTORS reported Wednesday.
“We’re clearly on a recovery path,” says Lawrence Yun, NAR chief economist.
Existing home sales rose 3.7 percent in March from February, as distressed sales, such as those in foreclosure, continued to make up a big bulk of home sales (40 percent of all purchases).
“At this point, we’re likely to see a steady improvement in sales,” says economist Joel Naroff of Naroff Economic Advisors.
View what economists have to say about who’s buying and currently driving the market at: http://www.realtor.org/RMODaily.nsf/pages/News2011042101?OpenDocument
Based on these sources: “Rising home sales point to a recovery; Prices expected to keep falling 5% to 7% this year,” USA Today (April 21, 2011), “U.S. Home Sales Top Forecasts in March,” The New York Times (April 21, 2011), and “Rich People Buying Homes Again–Should You?” AOL Real Estate News (April 20, 2011)
Other articles relating to the Sacramento and Placerville, California regions at: www.sierraproperties.com
