Daily market update: April 17, 2017

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Friday, April 14

April 2017 Re/Max National Housing Report

  • Home sales were 6.6 percent higher than the nine-year-old report’s previous March record set in 2016.
  • Thirty-eight of the 53 metro areas in the report showed year-over-year increases
  • Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.
  • Active inventory continued to decline, dropping 17 percent year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11 percent year-over-year.
  • This was the 12th consecutive month of year-over-year price increases.
  • Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016.

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, Re/Max CEO, chairman of the board and co-founder, in a statement. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

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