While higher mortgage rates have dampened home sales, robust buyer demand remains a constant factor pressuring limited supply.
“Robust demand has continued to drive home price increases for both listed and closed homes on a year-over-year basis,” Sicklick said in the report. “With rates and home prices continuing to rise, we expect a quieter spring buying season to continue throughout the months ahead.”
Over the last 52 weeks through March, there were over 2.53 million net new listings, down 12.4% year-over-year, while approximately 2.58 million properties went under contract, a 9.8% decline.
The 4.4% annual drop in March’s net new listings was driven by a 2.5% decrease in new listing volume coupled with a 7% jump in listing removals versus March 2023.
Despite low inventory, homes still sold relatively quickly last month, with the median days on the market at 37, down slightly from 38 days a year earlier.
Source: mpamag.com