Housing optimists love to blame slow sales on the weather.
Not so fast says…Diana Olick at CNBC?
But she’s not saying the market is weak – she’s saying it’s because of Boston’s tight inventory.
It's hard to shop for a house if you can't find the house. It would therefore be easy to blame Boston's weak home sales on record snow, but the latest numbers for January closings represent November and December buyers, well before the big snow hit. We'll blame March closings on the snow.
Sales of existing homes in January were down 17 percent from a year ago, according to the Greater Boston Association of Realtors. That has more to do with extremely tight supply than anything else. The number of listings in January was 24 percent lower than a year ago, and that pushed the median sale price higher by 3.4 percent.
Click here for the full story.