Inventory Limits February Home Sales While Pushing Up Prices
One word sums up February home sales across the country – inventory. The lack of homes for sale continues to be the key factor as February marks the third consecutive month of year-over-year declines in home sales, coupled with quick sales and record prices.
According to the March RE/MAX National Housing Report, home sales dropped 0.2% from February 2017, while the Days on Market average of 62 days was the lowest of any February in the report’s nine-year history.
The Months Supply of Inventory was 3.1 – also a RE/MAX National Housing Report February record – and underscored an average decline in inventory of 13.7% among the 52 markets reporting.
Out of 52 markets, 18 metro areas saw double-digit percentage increases in median sales price year-over-year. While only two metros saw a year-over-year decrease in median sales price – Albuquerque, NM, and Burlington, VT.
Read the full article in RE/MAX’s newsroom…
Watch the 40 second summary video on YouTube…