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Home sales in March enjoyed a 33.4 percent increase from February and a 3.6 percent year-over-year uptick, according to the latest RE/MAX National Housing Report.
Thirty-seven of the 53 metro areas surveyed by RE/MAX reported higher sales on a year-over-year basis in March, with 10 experiencing double-digit increases. The Northeast was particularly vibrant, with considerable year-over-year activity in Manchester, N.H. (up 51.4 percent), Hartford, Conn. (21.9 percent) and Boston (21.5 percent).
The median sales price for homes sold last month was $204,000, up 2.5 percent from February but unchanged from March 2015. This marked the 50th consecutive month without a drop in the median sales price. Forty-four of the 53 surveyed metro areas higher prices than last year, with six rising by double-digit percentages.
The average days on the market for homes sold in the metro areas in the survey March was 71, down four days from the average in February and seven days lower than the average in March 2015. March is the 36th consecutive month when the days on the market average was 80 or less. Denver and San Francisco had the lowest days on the market at 33 and 25, respectively, while Augusta, Maine, had the highest with 165.
The average number of homes for sale in the metro areas surveyed March was one percent lower than in February and 13.3 percent lower than in March 2015. Eleven metro markets reported a supply of less than less than months, while Denver, San Francisco and Seattle each had a one-month inventory. But Dave Liniger, RE/MAX CEO and chairman, was not bothered by this particular data.
“Low inventory is still a stubborn issue in many markets, but overall it doesn’t seem to be moving prices significantly higher,” Liniger said.