Existing home sales are up, new home sales are down, condo sales are back up... it's credited to the weather, but wouldn't a warm January put all sales up? Perhaps it's showing the market favorability of existing homes in more central locations where there isn't much new construction. That would help explain why condo sales are also up.
The Commerce Department reported that sales of new single-family homes dropped by 10.5 percent in February. Previously on the downslide, sales of condominiums and co-ops were up again, this time by 8.8 percent in February and sales of existing single-family homes were up 4.7 percent.
I have an inclination that what we could be seeing here is a failure of development to keep up with an increasing demand for housing that's smaller, more efficient, low maintenance and centrally located near transportation and amenities.
I'll be on the lookout for supporting evidence.
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