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  • Writer's pictureKira Witherwax

March Marketing Report



U.S. existing-home sales improved for the second month in a row, jumping

9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding

economists’ expectations and marking the largest monthly gain in a year,

according to the National Association of REALTORS®(NAR). The rebound in

home sales comes amid fluctuating mortgage rates and elevated sales prices,

indicating there is plenty of buyer demand heading into the spring selling

season.


New Listings increased 4.4 percent to 119. Pending Sales were down 24.6

percent to 89. Inventory levels shrank 1.1 percent to 431 units.

Prices were fairly stable. The Median Sales Price decreased 1.3 percent to

$190,000. Days on Market was up 11.9 percent to 94 days. Absorption rates

were even with last year as Months Supply of Inventory remained flat at 3.8

months.


The recent surge in home sales was likely due to a dip in mortgage rates in

December and an increase in housing supply nationwide. According to NAR,

total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07

million units, for a 2.9 months’ supply at the current sales pace. Buyer demand

remains robust, and the limited supply of inventory helped push the median

existing-home sales price up 5.7% year-over-year to $384,500, the eighth

consecutive month of annual price increases.


Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.


To view the full Market Report for March, download the link below.

ACVMLS- March 2024 Stats - APRIL Release
.pdf
Download PDF • 147KB



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