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The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Existing Sales Conquer Supply Troubles

Homebuyers overcame one of the housing market’s biggest obstacles—an imbalance in supply and demand— in March with a rebound in home sales.

The National Association of Realtors (NAR) reported Wednesday that existing-home sales rose 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March from a downwardly revised 5.07 million in February and 1.5 percent year-over-year.

“Closings came back in force last month as a greater number of buyers – mostly in the Northeast and Midwest–overcame depressed inventory levels and steady price growth to close on a home,” said Lawrence Yun, NAR Chief Economist. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”

Existing-home sales suffered in February due to the continuous imbalance of extremely low inventory levels and rapid home price appreciation. The NAR reported that existing-home sales fell in February 2016 after reaching the highest annual rate in six months last month.

The report found that existing-home sales decreased 7.1 percent to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January. However, the report noted that despite last month’s large decline, sales remain 2.2 percent higher than a year ago.

“The lull in contract signings in January from the large East Coast blizzard, along with the slump in the stock market, may have played a role in February’s lack of closings,” Yun explained. “However, the main issue continues to be a supply and affordability problem.

Finding the right property at an affordable price is burdening many potential buyers.”

According to NAR, the median existing-home price for all housing types in March was $222,700, up 5.7 percent from $210,700 in March 2015. This marks the 49th consecutive month of year-over-year gains.

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About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.