Home Sales Surge Signaling Start of Peak Spring Market
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Posted on May 2, 2023
The peak spring selling season is here!
March inventory was down 2.8% from February, but March sales jumped 37.7% over February. Demand for homes remains high which is great news for sellers, and prices remain fairly stable which is good news for buyers.
Some of the other noteworthy highlights from March’s National Housing Report:
The median sales price rose 3.4% from February to March, up to $396,000 from $383,000.
Homes sold in March spent an average of 40 days on the market – six days less than in February.
The average close-to-list price ratio in March was 99%, meaning that homes sold for 1% less than the asking price on average.
There has been an influx of buyers into the market, looking beyond mortgage interest rates. They’re seeing intriguing prices and looking to take advantage of the current market.