RE/MAX: March Home Sales Slowest Since 2014
April 16, 2019
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.”
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