NATIONWIDE EXISTING HOME SALES -0.7% SURPRISES MARKET

Existing home sales were expected to be up 1.0%, according to Wall Street estimates.

Month-to-month sales were up 1.6%, with “spring market” ready to begin.

Two dynamics continue: low inventory and higher prices. Inventory for sale is down 17% from last year, and this is a driving force in home prices being up 11% year-over-year.

Beware of aggregate statistics, The number of home sales in lower-priced homes has decreased compared to sales of homes over $500,00. The upper-end market has seen larger percentage gains in prices, driving up the aggregate number.

In Northern Virginia, the game remains the same: Low inventory and strong demand in most areas driving prices higher this spring. Short-term, this should continue.

 

Ray Wedell, Realtor

Chartered Finacial Analyst, CFA

703-855-7299

http://www.RayMaxInternational.com

 

Advertisements

About RayWedellRealEstate

Real estate professional with Samson Properties. Chartered Financial Analyst, CFA
This entry was posted in Uncategorized and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s