Realtors: Home Sales Low in February, New Construction Needed

If you’re in the market for a house, you’re probably here at the wrong time, said the National Association of Realtors announced earlier this week.

Pending home sales remained flat in February due to lack of inventory.

Arcadia has 158 homes for sale with 2 open houses. The average listing price for a home is $1.7 million and the median sales price is $800,000, according to Trulia.com.

“Only new home construction can genuinely help relieve the inventory shortage,” said Lawrence Yun, NAR chief economist, in a statement.

New single-family home construction in February was up 0.5 percent from the previous month, according to U.S. Census data.