Saturday, March 31, 2018 / by Brian Ness
One word sums up February home sales across the country – inventory. The lack of homes for sale continues to be the key factor as February marks the third consecutive month of year-over-year declines in home sales, coupled with quick sales and record prices. Here are key points from March’s report:
1. Slightly fewer transactions occurred
Of the 52 metro areas surveyed in February 2018, the overall average number of home sales increased about 3 percent compared to January 2018 and decreased .2 percent compared to February 2017. The beginning of the year is typically a slower selling season, but buyers should still work with their agents to navigate the competitive market.
2. Low inventory is driving prices up
The median sales price of a home sold in February was $228,700. That's nearly 8 percent higher than the median sales price in February 2017 and marks the 22nd consecutive month of year-over-year price increases.
3. Inventory continues to shrink
While the hot markets like Denver and San Francisco continue to see low supplies of inventory, we’re also watching more homebuyers migrate into unexpected markets. In one year, Billings, Montana, saw a 59 percent increase in home sales, along with Boise, Idaho, with a 25 percent increase in sales.
4. Days on market continue to drop
According to the March RE/MAX National Housing Report, home sales dropped 0.2% from February 2017, while the Days on Market average of 62 days was the lowest of any February in the report’s nine-year history.
Dig into the details of the ?March 2018 RE/MAX National Housing Report??? in the infographic below.