Home sales in March increased 21.6% over February, according to new data from RE/MAX LLC, which attributed this spike to a 20.9% increase in new listings that resulted in a 7.7% expansion in inventory.
“As we move into what is normally the prime homebuying months, the increased inventory should give buyers more options and a better chance at securing a home that fits their needs,” said Amy Lessinger, RE/MAX president. “It’s still a seller’s market in many parts of the country, but having a greater volume of available listings is a good step toward a more balanced market.” new construction added to the inventory to help meet the needs of new residents.”
While March’s 21.6% jump in sales was the largest monthly gain in a year, it was also lower than the 37.7% increase in March 2023 and 33.2% increase in March 2022. On a year-over-year measurement, March home sales was down 9.4% across the 50 metro areas surveyed by RE/MAX.
Last month’s median sales price was $415,000, up 1.5% from the previous month and up 5.1% from one year earlier. The markets with the biggest year-over-year increase in median sales price were Manchester, New Hampshire at 14.5%, New York City at 14%, and Hartford, Connecticut, at 13.5%; San Antonio and Burlington, Vermont, had the greatest year-over-year decline at -4.4% and -4.3%, respectively. The average close-to-list price ratio of all 50 metro areas in the report was 99%, flat compared to both February and March 2023.
The average days on market for homes sold in March was 40, down four days from the previous month and flat from the previous year. The metro areas with the lowest days on market were Baltimore and Washington, D.C., tied at 13, while Fayetteville, Arkansas, had highest days on market average at 79.
RE/MAX LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX).
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