Competitive Spring Market Greets Buyers
and Sellers with More Listings, Higher Prices
Signaling a flattening of the seasonal spring ramp-up, April 2022 home sales increased less than 1% over March – and dropped 12.8% year over year – across the report’s 53 metro areas. That, coupled with an 11.5% increase in new listings from March to April, resulted in a 24.0% surge in inventory month to month.
The Median Sales Price of $420,000 was up 3.4% over March and 15.1% over April 2021. And home offers grew more competitive. For example, average sale to list price ratio measures how close homes are selling to their asking price and in April, the average sale to list price ratio was 104% of the list price, compared to 103% in March and 101% in April 2021.
Though up 24.0% month over month, active inventory was down 10.4% from a year ago, driven in part by a 7.4% decline in new listings year over year. Months Supply of Inventory increased from 0.7 in March to 0.8 in April. A year ago, Months Supply of Inventory was 1.0.
Homes spent an average of 26 days on the market in April – five days less than March, and two days less than a year ago.
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