Re/Max Sees More Move-Up Buyers in February

Re/Max is seeing encouraging signs in its February sales data, including more move-up buyers entering the market.

“Move-up buyers now appear to outnumber investors and first-time buyers, making a return to a more traditional market makeup,” according to the Denver-based real estate brokerage firm.

Existing-home sales rose 1% in February after plummeting 22% in January. And house prices rose 3.5% month-over-month, the company reported Thursday.

The Re/Max National Housing Report also shows home sales are 2.3% higher than in February 2012 and the median price is 7% higher than a year ago.

“It is clear that the housing recovery is real and moving full-speed ahead into 2013,” said Re/Max chief executive Margaret Kelly.

“Consumers recognize that we’ve hit bottom and real estate is offering great opportunities with low prices and low interest rates,” she added.

But the lack of inventory is turning spring sales into a seller’s market. The number of available homes for sale fell 29.2% from last year, resulting in a 4.8-month supply, according to Re/Max.