Real Estate

Existing Home Sales Rise Slightly in February; Sales Prices Rise 7.5%

While new single family home sales numbers shot up dramatically in February around the country, existing home sales only rose slightly. The National Association of Realtors (NAR) reports that existing home sales in February rose 1.2% from January’s levels. Compared to February, 2014 levels, total existing home sales last month are up 4.7%.

“Economic and housing reports come out monthly that present numbers like this. There’s a lot of variables in real estate that effect the level of home sales monthly. Home buyers and sellers should not get too caught up in statistics like this, without digging a little deeper into what is happening,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “The housing market works off of simple supply and demand concepts; right now you have a degree of insufficient supply of homes for sale that is stopping buyers from completing a purchase. At the same time, this scarcity creates increasing housing prices within the market. This of course is far simplified and ignores other influencing factors like rising and falling interest rates or the harsh winter weather.”

The same data released by the NAR also notes that median selling prices in February were up 7.5% over 2014’s levels. This is the 36th month in a row of year-over-year housing price gains and is the largest month of gains so far since February 2014. “These are the numbers you need to focus on as a first time home buyer and renter in the DC area,” continued DiRuggiero.  “Our ULC Workshops explain these numbers and what it means to your current home buying purchasing power today, tomorrow and next year. We strongly encourage anyone seriously thinking of buying to attend one of our Tuesday night or Saturday morning sessions.”

UrbanLand Company Home Buyer Workshops are available weekly on Tuesdays at 5:30pm or on Saturdays at 10am. Both Workshops are held at our location on 913 Florida Avenue, NW.

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