Home Sales Up Despite Rising Prices

By: Sarah Batista
By: Sarah Batista

June 26, 2006

A new report shows new home sales jumped almost five percent nationally last month. The Commerce Department says the increase surprised economists. They figured rising housing costs would cause sales to dip.

In Charlottesville, the numbers are also looking good. Even though housing prices are slowly climbing, people are still buying new homes.

"We've never seen the market actually go down in price, the sales will slow down at some point but right now we're probably looking at the second best real estate market ever in 2006," said Dave Phillips, Charlottesville Area Association of Realtors.

Analysts say the increase in sales over the past three months may be related to better-than-normal weather.

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