Home sales in March surged by 23% from February, marking the largest month-over-month sales increase since 37.4% in March 2023, according to new data from RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX). On a year-over-year measurement, sales were down 1.4%.
Active inventory was up 35.5% year-over-year across the 50 metro areas surveyed by RE/MAX. The number of homes for sale last month jumped 8.0% from February and totaled 35.5% more than March 2024. Fueling this inventory expansion was a 29.8% increase in new listings compared to the prior month and a 7.9% increase compared to one year ago. Days on Market dropped to 44 days compared to 51 in February, while homes were on the market five days longer than in March 2024.
The median sales price last month was $435,000, which was nearly $8,000 (1.8%) higher than in February and $15,000 (3.5%) more than in March 2024. Buyers paid 99% of the asking price in March, the same level as the prior month and one year earlier.
“As we enter the prime homebuying season, the uptick in sales and inventory may lead to even more positive market activity,” said RE/MAX Holdings CEO Erik Carlson. “With a relatively good supply of homes for sale, and rates holding with signs of some improvement, many buyers are finding current market conditions to be the most favorable they’ve seen in the past few years.”
