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Marketplace Morning Report

Existing home sales report reveals caution

Gigi Douban Mar 23, 2015
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The National Association of Realtors released its February existing home sales report on Monday, March 23rd, 2015. Numbers were up by 1.2 percent, but that wasn’t enough to make up for the drop in existing home sales in January of 4.9 percent.
 
Even LeBron James is having trouble selling his Miami house and just dropped the price to $15 million. James is not the only homeowner having trouble finding a buyer, but there aren’t many homeowners putting their houses up for sale either, says Adam DeSanctis, with the National Association of Realtors.  
 
“Current homeowners are possibly waiting for their equity to build up a little bit longer before selling,” he says, or sitting on some low interest rates they snagged refinancing in the last year or two. 
  
McKay Price, who teaches real estate at Lehigh University, says this shortage of homes is good for home sellers, but “If I’m a home buyer and I’m interested in finding just the right house, then I’d be a little bit grumpy about the inventory being as tight as it is,” he says. “I’d want more choices.”
 
Especially for folks who can’t afford a down payment, much less a 16,000-square-foot mansion. Sorry, LeBron. 
 

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