Home Inventory
Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®.

Home Sales Trend
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.
Lawrence Yun NAR chief economist, expects an uneven recovery. "Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers," he said. "This tug and pull is causing a gradual but uneven recovery. Existing-home sales remain 26.4 percent above the cyclical low last July."

Local Conditions
The Elizabethtown area has had a slow but steady increase in real estate activity. The amount of change experienced by most of the country ended in a plummeting loss of property value, while our area held the average property loss to less than 4%!