Steel Markets
April 22, 2021
Existing-Home Buyers Face High Prices and Low Inventory
Written by Sandy Williams
Buyers searching for that perfect home this spring will have plenty of competition despite soaring prices. Sales in March climbed 12.3% from a year ago to a seasonally adjusted annual rate of 6.01 million, says the National Association of Realtors. Inventory, however, is at near-historic lows causing sales to dip 3.7% from February.
“Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market,” said Lawrence Yun, NAR’s chief economist.
