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Strong buyer demand for residential homes continued to outpace supply in March. The Buyer Traffic Index rose to 69 while the Seller Traffic Index inched up to 41. This based on information in the March REALTORS® Confidence Index (RCI) Survey.
In many areas of the country REALTORS® reported low inventory levels of homes for sale. Tight inventory conditions have been cited as leading to higher prices and reduced time on market.
What Does This Mean for REALTORS®?
If a potential buyer asks why sales are down in some areas, one can note that a major reason for sales declines recently has been the hot sales market—a lack of inventory relative to the number of people who want to buy.
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