The first quarter of the year acted more like a spring real estate market, and it came in like a lion. Rising employment, low mortgage rates and very tight inventory created a buying frenzy. Homes sold within days of being listed — often for over asking price — frustrating buyers who faced a serious lack of homes to choose from. Further adding to the problem, many current homeowners were reluctant to put their homes on the market for fear of being unable to find their next home. For the market to be healthy, something has to give.
• Pending sales (agreements that have been signed but not yet closed) were up by over last year in nearly every Eastside city.
• Home prices continued to climb.
• March was the fifth consecutive month of record-low inventory.
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