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.

Median home prices in Venice have increased $203,000 to $1.183 million from Dec. 12 to Feb. 13, an increase of 20.7 percent compared to the prior quarter, and a 66.6 percent increase compared to the prior year, according to Trulia.com.

On March 20, the average listing price for a home in Venice was $1.92 million and the average price per square foot in was $1,183, an increase of 74.5 percent compared to the same period last year, according to Trullia.com

“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.