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Few changes reported for home sales figures across country

Posted on Wednesday, April 23, 2014 at 8:25:32 AM

The housing market has been up and down over the past year, with many gains being offset by declines in other areas. While there is plenty of good news out there for buyers interested in residential financing, there are still some lingering effects being felt of the tough winter experienced this year.

According to the National Association of Realtors, existing-home sales held steady in March compared to February. Overall, completed transactions - including single-family homes, townhomes, condominiums and co-ops - dropped 0.2 percent on a month-over-month basis. Sales were also 7.5 percent lower than the pace set in March 2013.

Lawrence Yun, chief economist at NAR, noted that gains should be stronger due to increases in population growth and historical standards. On the other hand, he explained that improvements could be seen in the near future, thanks to better job creation and warmer temperatures.

In addition, the Federal Housing Finance Agency reported that home prices across the country increased in February, up 0.6 percent compared to the month prior. These gains came even with the particularly difficult winter experienced by much of the U.S. On a year-over-year level, price increases were 6.9 percent higher, but still 7.6 percent below the peak hit in April 2007.