The Expected Spring Surge in Home Sales Arrives
March home sales jumped 37.7% over February, signaling the start of the peak spring and summer seasons in the report’s 52 metro areas. While inventory was down 2.8% from February’s total, March inventory was 56.4% higher year over year – due in part to the combination of pending sales and closings being down, leaving homes on the market longer than they were a year ago. The median sales price of $396,000 in March was down 2.0% year over year.
Other notable metrics:
• While down year over year, the median sales price ticked up 3.4% from February’s $383,500, which is in line with last year when home prices rose 4.7% (from $387,000 to $405,000) from February to March.
• Months’ Supply of Inventory in March was 1.4, down from 1.7 months in February but well above the 0.8 of last March.
• March’s average close-to-list price ratio was 99%, meaning that on average, homes sold for 1% less than the asking price. A year ago, it was 102%.
• Homes sold in March were on the market for an average of 40 days – six days less than February but two weeks longer than a year ago.
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