The supply of homes for sale is finally rising, but fewer buyers are able to afford these homes. That could result in a much slower spring market.
Spring is usually the high season for housing, but high home prices have been taking their toll for months. The numbers point to potential trouble ahead.
The median price of a home listed in February jumped 7 percent annually to $294,800, according to Realtor.com. The price increase came as the number of listings rose 6 percent, with an additional 73,000 listings compared with a year ago.
“This is the fifth consecutive month that we’ve seen housing inventory increase, especially in large markets,” said Danielle Hale, Realtor.com’s chief economist.
BY CNBC NEWS
