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