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Home Buying Home Prices Home Selling Real Estate

NAR March Statistics

Example Home for Sale

The National Association of Realtors just released its updated statistics from March. These apply to the U.S. rather than just our local market area. Below are some important snippets.

  • Existing-home sales fell for the second straight month in March to a seasonally adjusted annual rate of 5.77 million. Sales were down 2.7% from the prior month and 4.5% from a year ago.
  • With slower demand, the inventory of unsold existing homes increased to 950,000 as of the end of March. That would support 2.0 months at the monthly sales pace.
  • The median existing-home sales price rose to $375,300, up 15% from one year ago.

Before we get too excited about slowing demand, we should keep in mind that 2 months of inventory is still extremely low. Further, the inventory statistics are price increases are both worse from a buyer perspective locally than on a nationwide basis. That said, it is good to continue to see signs of market balancing.