NAR: Existing-home sales stumble in February
Posted on Monday, March 24, 2014 at 9:25:55 AM
Homebuyers interested in affordable residential financing have had their hands full this past season, with severe winter weather and rising prices hampering some activity across the country.
According to the National Association of Realtors, existing-home sales in February slipped slightly thanks to these conditions. On a month-over-month basis, sales dropped 0.4 percent, now at a seasonally adjusted annual rate of 4.60 million for the month. In addition to the sales number, February also had the slowest pace of sales since July 2012.
First-time buyers also ran into some difficulties with the housing market in February, according to NAR president Steve Brown. He cited student loans, tight credit and limited inventory as some reasons why this was the case. Overall, NAR reported that first-time buyers accounted for 28 percent of all purchases in February.
Moreover, Brown also supports any changes to Fannie Mae and Freddie Mac in order to bring stability to the housing market and help buyers and sellers, according to HousingWire.
In a recent interview with the media outlet, Brown stated that reform to these government-sponsored enterprises should take place as soon as possible, and further recovery and growth is hampered while this specific issue continues.