Another Increase Experienced in Existing-Home Sales

The National Association of Realtors® (NAR) reported today that the “sales of existing-homes sales rose in March” by 3.7% from February, but still lags behind in the year-to-year comparison with March 2010. NAR chief economist, Lawrence Yun, states, “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”

Indeed, additional NAR reporting data shows that “the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.”

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