RE/MAX: March Home Sales Slowest Since 2014

Apr 16, 2019

September’s pending home sales data marked a second consecutive month of increases

Home sales during March were up by 29 percent from February but down 8.6 percent for one year earlier, according to the RE/MAX National Housing Report. March represented eighth consecutive month of year-over-year sales declines and the slowest start to the spring homebuying season in five years.

In the 54 metro areas tracked by RE/MAX, the median sales price in March was $246,000, up 2.5 percent from the previous month and up 3.4 percent from the previous year. Only two metro areas saw a year-over-year decrease in the median sales price: San Francisco with a 3.8 percent decline and Hartford, Conn. with a 1.4 percent drop.

March was the sixth straight month of year-over-year inventory growth, with a 5.3 percent gain; on a month-over-month measurement, inventory inched up by 0.3 percent. The days on the market increased to 59 from last year’s 57 as the inventory supply declined year-over-year to 2.7months from three months.

“It was encouraging to see month-over-month sales improve during March,” said RE/MAX CEO Adam Contos. “Although the seasonal bounce that typically ends the first quarter wasn’t as strong as in the past few years, conditions are in place for a healthy spring selling season. Falling interest rates, rising inventory and moderating price increases against the backdrop of a healthy overall economy are cause for optimism for buyers and sellers alike.”

About the author

Phil Hall

Link copied

Published

Apr 16, 2019

Analysis and Data

Home Sellers' Q1 Profit Margins Declined Quarterly, Annually

ATTOM reported decrease of 55.3% in the first quarter – the smallest level in more than two years.

ATTOM released its Q1 2024 U.S. Home Sales Report, revealing that profit margins for U.S. home sellers on median-priced single-family home and condo sales in the United States decreased to 55.3% in the first quarter – the smallest level in more than two years. The decline...

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...