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.
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