March set a post-recession record for increasing home sales and prices, according to this month's RE/MAX National Housing Report. Here's what the research revealed:
1. Home sales increased year-over-year
March home sales were 6.6 percent higher than the report's previous March record, set last year. Thirty-eight of the 53 metro areas in the report showed year-over-year increases. Sixteen of these areas charted double-digit growth.
2. Inventory continues to drop
In March, the Months Supply of Inventory dropped below three months (2.7) for the first time since RE/MAX began tracking inventory nine years ago (a six-months supply of inventory is considered balanced). It's a seller's market in many metro areas, especially in Seattle, WA (.9 months supply), San Francisco, CA (1 month) and Denver, CO (1 month).
3. Sales prices set a record
With active inventory dropping 17 percent year-over-year, median sales prices increased. The Median Sales Price of $225,000, a March record, was up 11 percent year-over-year. And what a year it's been for sellers—March marked the 12th consecutive month of year-over-year price increases. At $225,000, the March median sales price was up 11 percent from March 2016. Manchester, NH, Orlando, FL, Charlotte, NC, Trenton, NJ and Nashville, TN also experienced double-digit boosts in Median Sales Price.
4. Homes continue to move fast
Houses spent an average of 64 days on the market in March, compared to 68 in February 2017 and 71 in March 2016.
"We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. "We don't anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home."
To understand what the numbers mean for your unique home buying or selling situation, talk with a RE/MAX agent. Find one here: http://www.remax.com/. For more from the April 2017 National Housing Report, read the press release.