Home sales are down, prices are rising, and inventory is stubbornly lacking; creating a seller’s market in most areas.
The latest National Housing Report from RE/MAX shows that there was a spring boost to sales in March, rising 36.6% from the previous month; but year-over-year sales were down 5.3% in the 54 metro areas surveyed.
Meanwhile, the median sales price rose 3.2% month-over-month and 4.9% year-over-year to $236,000.
The largest price gains (y-o-y) were in Boise, ID (19.9%), San Francisco, CA (19.4%); and Seattle, WA, and Las Vegas, NV (both 15.6%).
Four of the 54 metros saw a lower median sales price: Anchorage, AK (-3.4%), Billings, MT (-1.1%), Trenton, NJ (-0.5%), and Manchester, NH (-0.2%).
"Homebuyers shouldn't be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report," said RE/MAX CEO Adam Contos.
Just 2.5 months of supply
There was a decline in inventory in March 2018 was down -0.5% from February 2018, and down -14.7% from March 2017. That meant just 2.5 months of supply at the current pace.
"We also look at the Days on Market as another indicator of tight inventory and the national average stands at 60 days," said Contos. "That's four days less than a year ago and another March record-breaker."
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