Despite the advance of the coronavirus across the U.S. in the second half of the month, March home sales increased 2.7% year-over-year in the report’s 52 markets – a hint of what might have been.
March was the fourth consecutive month with year-over-year increases in U.S. home sales – a streak not seen since 2016. But the spread of COVID-19, and the initiation of governmental measures to slow it, dampened the month’s overall sales results:
• March’s year-over-year sales growth of less than 3% was significantly less than December 2019 through February 2020 where year-over-year sales increases averaged 10%.
• The sequential monthly growth in sales from February to March is typically the largest month-over-month percentage increase each year, averaging 32%. This year, March sales increased just 23.8% over February – the lowest such increase for this time period in the report’s nearly 12-year history.
Inventory levels in March continued to constrict amid healthy buyer interest, which helped drive further price increases. Year-over-year, March inventory declined 14.9%, continuing a streak that began in July 2019. Meanwhile, the Median Sales Price of $265,000 was 7.7% higher than a year ago, setting a report record for the month of March. A record low for March was the 54 Days on Market, while 2.7 Months Supply of Inventory was typical for the month, based on the past four years.
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