National vacancy rates over the coming year are expected to continue declining in most property sectors.
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In 2012, the typical home sold - based on median figures - was 1,860 square feet, one level, three bedrooms, two bathrooms, and was built in 1996. Repeat buyers bought larger and newer homes than first-time buyers.
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NAR Chief Economist Lawrence Yun discusses the increase in pending home sales in April, 2013 and the likely effect of low inventory on home prices.
NAR Chief Economist Lawrence Yun talks about April existing-home sales and the market constraints for that month.
Pending home sales improved slightly in April and continue to be well above a year ago. Gains in the Northeast and Midwest were offset largely by declines in the West and South.
FHFA price data shows that home prices across the United States rose 6.7% from the first quarter of 2012 to the first quarter of 2013.
April home sales data show that about 40 percent of all existing homes in the US are sold in the South. At the current seasonally adjusted sales rate, that's more than 2 million a year.
With the current low inventory of homes for sale, owners who have been renting their properties have an attractive opportunity to sell, releasing much needed inventory to the market.