Mirroring the surge in new home buying, overall residential real estate sales hit marks in March not seen in years.
The number of new escrows in March 2015 was the most since May 2012, according to Trendgraphix. But as Pat Shea of Lyon Real Estate points out, the market was very different three years ago, as investors were doing most of the buying then, especially of the lower-priced homes.
“These are equity sales and move-up buyers,” Shea said. Home prices themselves aren’t compelling people to buy, but improving economic conditions, low interest rates and a general sense of optimism, he said. “We’re really beyond recovery and in prosperity mode.”