Real Estate
Realtors: Home Sales Slowed, New Building Needed
The National Association of Realtors announces that home sales were flat in February and offers a solution. Here's a peak at Long Beach home numbers on the market.
If you’re in the market for a house, you’re probably here at the wrong time, said the National Association of Realtors announced earlier this week.
Pending home sales remained flat in February due to lack of inventory.
A city of 50 square miles, Long Beach has 2,117 homes for sale with only 8 open houses - likely due to Easter weekend and spring break, realtors said. The average listing price for a home is $425,784, according to AOL Real Estate.
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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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