Home sales in March saw a 6.6 percent higher year-over-year, according to new data from RE/MAX
. Of the 53 metro areas tracked by the company last month, 38 experienced an increase in sales year-over-year, with 16 experiencing double-digit increases.
But while sales continued to climb, inventory continued to shrink. The number of homes for sale in March was 1.2 percent higher from February but 17 percent below the March 2016 level. Based on the rate of home sales in March, the Month’s Supply of Inventory was 2.7, compared to February at 3.6 and March 2016 at 3.2. This is the first time in RE/MAX’s market tracking that the month’s supply dipped below the three-month mark. The lower inventory rate was cited for the 11 percent year-over-year median sales price hike, which reached $225,000 in March. Homes continued selling faster last month, with the average number of days on market dropping to 64, compared to 68 in February and 71 in March 2016.
“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO and chairman. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”