Home resales ignited in March as sellers came out in droves to greet legions of buyers newly empowered by job growth, facing a narrowing window for low interest rates, and set loose by better weather, agents say.
While March looks certain to be a breakout month, it would have been even stronger but for the lack of listings to feed a very hungry market.
Bidding wars are again common, and offers that are thousands of dollars above asking price have no assurance of being accepted.
Sellers have come out, belatedly, in response to high prices and good weather – and investors who bought cheap after the crash also are surely now looking to cash out.
Yet even with all these new sellers, demand continues to far outpace supply. And that’s what’s truly nutty about real estate – where were these buyers during the bargain days? Why do they all jump in when the market is high?
The one downside to this market is in the way the strong dollar is tweaking luxury properties in places like New York or Miami that are heavily reliant on foreign money.
But energy hubs in Houston and especially Denver continue to grow and so far seem unfazed by the crash in oil prices.