Home Sales on The Rise
Housing Market Snapshot for March
- Days on the market:Properties typically stayed on the market for a shorter time in March – 52 days versus 62 days in February. Short sales in March were on the market the longest, at a median of 165 days in March; foreclosures sold in 56 days; and non-distressed homes averaged 51 days. Forty percent of homes sold in March were on the market for less than a month.
- All-cash sales represented 24 percent of transactions in March, down from 33 percent a year ago. Individual investors, who account for many cash sales, purchased 14 percent of homes in March, a drop from 17 percent in March 2014.
- Distressed sales accounted for 10 percent of sales in March, down from 14 percent a year ago. Foreclosures sold for an average discount of 16 percent below market value in March, while short sales were discounted 16 percent.
Data By Region
- Northeast: Existing-home sales rose 6.9 percent in March to an annual rate of 620,000, and are 1.6 percent above a year ago. Median price: $240,500, 1.6 percent below a year ago
- Midwest: Existing-home sales jumped 10.1 percent to an annual rate of 1.2 million, and are now 12.1 percent above a year ago. Median price: $163,600, up 9.7 percent from a year ago
- South: Existing-home sales climbed 3.8 percent to an annual rate of 2.19 million, and are now 11.7 percent above March 2014. Median price: $187,900, up 9.3 percent from a year ago
- West: Existing-home sales rose 6.3 percent to an annual rate of 1.18 million, and are now 11.3 percent above a year ago. Median price: $305,000, which is 8.3 percent above year-ago levels
The spring home sale season has finally sprung. Existing-home sales surged to the highest annual rate since September 2013. Also: More homes went up for sale, relieving some inventory constraints, according to the National Association of REALTORS®’ latest report.
The Midwest posted the largest gains in home sales, but all regions saw a rise in March and are above their year-over-year sales pace, NAR reports.
“After a quiet start to the year, sales activity picked up greatly throughout the country in March,” says Lawrence Yun, NAR’s chief economist. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”