Realtors: Home Sales Low in February, New Construction Needed

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.

The median listing price for homes in Marina del Rey was $1.32 million as of March 20, a decrease from $1.35 million on Feb. 27, according to Trullia.com.

The average per square foot price in Marina del Rey was $476, an increase of 12 percent compared to the same period last year. 

“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.