(HAR Report): Selling a home took significantly less time than it did a year ago. Days on Market (DOM) fell from 65 to 45. With fewer new listings entering the market, inventory registered a record low 1.4-months supply compared to 3.4 months a year earlier. That figure is slightly below the current national inventory level of 2.0 months recently reported by NAR.
Broken out by housing segment, March sales performed as follows:
$1 - $99,999: decreased 25.9 percent
$100,000 - $149,999: decreased 31.7 percent
$150,000 - $249,999: decreased 7.8 percent
$250,000 - $499,999: increased 50.7 percent
$500,000 - $749,999: increased 96.8 percent
$750,000 and above: increased 89.9 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,463 in March, up 29.1 percent compared to the same month last year. The average sales price jumped 21.4 percent to $364,037 while the median sales price climbed 21.2 percent to $285,000.