Real Estate
Realtors: Home Sales Low in February, New Construction Needed
The National Association of Realtors announces that home sales were flat in February and offer a solution.
If you’re in the market for a house, you’re probably here at the wrong time, said the National Association of Realtors announced early last week.
Pending home sales remained flat in February due to lack of inventory.
The median sales price for homes in Baldwin Park for December 12 to February 13 was $263,000 based on 121 home sales, according to Trulia.com.
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Compared to the same period one year ago, the median home sales price increased 16.3%, or $36,872, and the number of home sales decreased 14.8%.
There are currently 55 resale and new homes in Baldwin Park on Trulia, including 239 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
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“Only new home construction can genuinely help relieve the inventory shortage,” said Lawrence Yun, NAR chief economist, in a statement.
New single-family home construction in February was up 0.5 percent from the previous month, according to U.S. Census data.
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