March Monthly Market Comparison(HAR Report)
Market readings for March were largely positive. The exceptions were inventory, which lowered due to strong consumer demand during the first half of the month, and pending sales, which declined in the latter half due to market uncertainty as the pandemic struck. Single-family home sales, total property sales and total dollar volume all rose compared to March 2019, and pricing levels reached March highs. Total active listings, or the total number of available properties, rose 2.6 percent to 40,932.
Single-family homes inventory recorded a 3.5-months supply in March, down from a 3.8-months supply a year earlier. For perspective, housing inventory across the U.S. stands at a 3.1-months supply, according to the most recent report from the National Association of Realtors (NAR).