Drop in homes for sale is strengthening prices in many spots

The nation has fewer homes for sale, and that's helping prices in markets where low supplies are meeting strong demand.


The U.S. had 2.37 million existing homes for sale at the end of March. That was down 22% from a year ago and 41% from the peak in mid-2007, the National Association of Realtors reported Wednesday.

 

First-quarter home sales, meanwhile, were up 5.3% from a year ago.The combination of improving sales — coming off one of the worst years ever for home sales — and declining inventories is helping prices.

 

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