As forecast in March’s Market Report, April’s residential resale market continued its upward trajectory for the third month in a row. Sales volumes increased by more than 9 percent compared to March and the average sale price, which also bounced for the third month in a row since January, increased by more than 3 percent compared to March.
This trajectory is unlikely to change in May. It would have been even steeper if not constrained by affordability and the alarming decline in supply....