We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year.  High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.

Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low.  Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.