The Capital Area Association of Realtors says that area sales are on a sustained uptrend, but more homes are needed to meet demand.
The latest numbers released by the association says local home sales are up just over 30 percent in February over the same time period last year with median homes sale prices up 10 percent from last year.
Foreclosures were also up in February over last year.
Don Cave, President of the CAAR, says that “pent-up demand and job creation, along with … rising rents” are key reasons for the increase.
Cave also says that new home construction would help increase the available homes on the market and keep prices from quote “overheating.”