Real Estate
Realtors: Home Sales Low in February, New Construction Needed
The National Association of Realtors announces that home sales were flat in February, but argues new home construction will help with inventory shortage.
If you’re in the market for a house you’re probably here at the wrong time, the National Association of Realtors announced earlier this week.
Pending home sales remained flat in February due to lack of inventory.
Culver City has 73 homes for sale. The average listing price for a home is $628,895 and the median sales price is $550,000 according to Trulia.com.
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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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