According to the latest RE/MAX National Housing Report, spring has officially sprung. Notable inventory gains, a surge of new listings and increased activity are setting the stage for the customary peak homebuying season.
Home sales in March increased 21.6 percent over February, trailing behind last year’s activity for the same period by 9.4 percent. At the same time, the national market saw a 21.9 percent surge in new listings.
These inventory gains have expanded the supply of homes for sale by 24.2 percent year-over-year.
“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,” Amy Lessinger, RE/MAX president said.
“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.”
The national Median Sale Price increased by 1.5 percent in March to $415,000. This is the third month in a row that median prices have increased. On average, March sellers received 99 percent of the listing price.
Days on the market decreased to 40 days – on par with March 2023.
Per RE/MAX, the hottest markets right now are Bozeman, MT, Burlington, VT, and Minneapolis, MN – all of which reported 10+ percent year-over-year increases in sales transactions.
The markets with the biggest decreases in year-over-year sales percentage were Dover, DE (-25.9%), Honolulu, HI (-16.5%), and Miami, FL (-16.3%).
