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Rising Prices, Fewer Sales Driven by Record-Breaking Low Inventories
No matter where in the country you live, said RE/MAX, Denver, low housing inventories are driving up home prices.
The company’s monthly National Housing Report said home prices continued to climb year-over-year for the 24th consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country.
All 54 metro areas surveyed for the monthly housing reported under six months of inventory. RE/MAX CEO Adam Contos said it’s definitely a seller’s market.
“Homebuyers shouldn’t be discouraged by the record-breaking numbers–even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the [report],” Contos said.
Of metro areas surveyed in March, the overall average number of home sales increased by 36.6% compared to February but decreased by 5.3% from a year ago. Nine of 54 metro areas experienced an increase in sales year-over-year, including Milwaukee, 22%, Boise, Idaho, 7.3%, Albuquerque, N.M., 6.7%; and Anchorage, Alaska, 3.8%.
The median sales price in March rose to $236,000, up 3.2% from February and up by 4.9% from a year ago. Average days on market for homes sold in March was 60, down two days from February and down four days from a year ago.
RE/MAX reported the number of homes for sale in March fell by 0.5% from February and by 14.7% from a year ago. The months’ supply of inventory decreased to 2.5 from February 2018 at 3.1 and from a year ago at 2.7. Markets with the lowest months’ supply were San Francisco at 0.7, Denver and Seattle, both at 0.9; and Boise, Idaho, and Omaha, Neb., at 1.1.