February 2007 Homes Sales Increase

I found an article in the Washington Post which sights unexpected jumps in the sales of existing homes in February 2007, the largest jump since March 2004. Read the article here.

Personally, I have seen an increase in buyer showings, and contracts on my listings. There are more buyers in the market. Statistics from NVAR (find the statistics here) says that there was a 6.87% increase in February 2007 sales of single family homes, townhomes, and condos compared to February 2006. In February 2007 there was actually 3% more inventory on the market for sale than in February 2006. The reason, I believe, that sales have increased 6.87% is because buyer demand has increased while interest rates are decreasing, despite 3% more homes on the market.