WSJ: Existing-Home Sales Hit Highest Level Since November '09

ALAN ZIBEL And SARAH PORTLOCK from the WSJ report today that "the housing market continued its rebound last month, with sales of previously owned homes reaching the highest level in more than three years and a shrinking share of foreclosures purchased." Full article here (subscription required).

In spite of the statistical jubliation here, the authors also state that "the results were slightly below expectations. Economists surveyed by Dow Jones Newswires had forecast sales would rise by 1.4% on a monthly to a pace of 4.99 million. The previous month's figures were revised upward to a reading of 4.94 million."

We at BuyerMLS believe this is clearly attributable to the lack of inventory, which is a nationwide phenomenon. Real estate professionals will likely find the upcoming quarters challenging to get the inventory needed to make their sales numbers. Tools like BuyerMLS are naturals for helping "farming" efforts to win new listings.