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Those inventory blues …

The Warren Group is confirming the continued fall in single-family home sales last month — with the main culprit being inventory and lack thereof.

“This modest drop in sales was caused by the same lack of inventory that has plagued the market for months,” said Timothy M. Warren Jr., CEO of The Warren Group. “These February sales numbers represent closings on homes that went under agreement in December, for the most part. Cold weather and holidays are certainly factors in making February traditionally the slowest month of the year.”

Warren added:

“Low supply and high demand continue to create pressure that drives prices up. The 18.4 percent increase in condo median prices so far this year is an indicator that condominiums are increasingly popular and we have a strong mix of luxury condos in the sales totals. Empty-nesters are ready for a change in lifestyle and have the net worth to take the plunge.”

Chart above via Warren Group.