The National Association of Realtors reported that existing home sales were up 1.1% in March to a seasonally adjusted annual rate of 5.60 million. The median existing-home price for all housing types in March was $250,400, up 5.8% from March 2017. In addition, March’s price increase marks the 73rd straight month of year-over-year gains. Total housing inventory at the end of March climbed 5.7% to 1.67 million existing homes available for sale, but is still 7.2% lower than one year year ago and has fallen year-over-year for 34 consecutive months. Unsold inventory is at a 3.6-month supply at the current pace of sales.
“Unsold inventory is at a 3.6-month supply at the current sales pace, compared to 3.8 months at this time in 2017. There is a spring seasonal ramp-up in buyer demand but without the corresponding increase in new listings coming onto the market…As a result, the market is highly competitive and homes are going under contract in about a month…” Said Lawrence Yun, Chief Economist for the NAR.
Click here to read the full release at the National Association of Realtors.
