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- NAR released a summary of existing home sales data showing that March’s existing home sales rose from last month and a year ago, as better weather and release of pent up demand helped to close homes. March’s sales are the highest pace since September 2013 jumping up 10.4% from a year ago, while sales moved up 6.1% from last month.
- The national median existing-home price for all housing types was $212,100 in March, up 7.8% percent from a year ago.
- Regionally, all four regions showed growth in prices from a year ago, except the Northeast which had a modest decline of 1.6% which could be a result of more plentiful inventory. The Midwest had the largest gain at 9.7% while the West had the smallest gain at 8.3% from last March. All regions showed an increase in sales from last month, the Midwest had the biggest gain of 10.1% from last month, while the South improved 3.8%. All regions showed an increase in sales from a year ago, and the Midwest had the biggest gain at 12.1% while the Northeast had the smallest gain at 1.6%. The South lead all regions in percentage of sales at 42% while the Northeast had the smallest share at 11%.
- March’s inventory figures increased 5.3% from last month and are up 2.0 % from a year ago. It will take 4.6 months to move the current level of inventory. It takes approximately 52 days for a home to go from listing to a contract in the current housing market.
- Single family sales increased 5.5% and condo sales jumped 11.1% from last month. Single family homes had an increase of 10.9% from a year ago, while condo sales rose by 7.1%. Both single family and condos had an increase in price with single family up 8.7% and condo up 1.6% from a year ago, March 2014.
- Incomes are increasing at 2% while home prices have experience more meaningful gains that only a boost in inventories can help stabilize. Defaults are declining which will not help inventory, so a boost in new home construction is needed to help with the housing shortage. From potential first time home owners to repeat buyers home buying season is here. With the credit box opening there is still time to take advantage of lower mortgage rates while homes are still relatively affordable.
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.
