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The National Association of Realtors this week released its data of March 2011 home sales. Distressed properties were again the big winner (if you can count short sales and REOs as winning).  Some 40%, or 4 in 10 sales in March, were distressed homes. A third of homes purchased in March were from first-time home buyers. Investors accounted for 22% of sales, which was up 3% percent from the previous month. And cash is still king, with a whopping 35% of March sales being all-cash deals.

NAR summarized all of its March closing data by stating the housing market is “continuing an uneven recovery.”

According to NAR Chief  Economist Lawrence Yun, “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path. 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.”

Posted by John Meyer on April 27th, 2011 7:35 AMPost a Comment (0)
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