HAR Report: The market continued to see a sustained increase in inventory. There were 32,866 active listings of single-family homes in March, which is up 36.4 percent year-over-year. It is the highest volume of active listings since June 2011 when there were 32,970 units.
Days on Market, or the actual time it took to sell a home, climbed from 55 to 62 days. Months of inventory reached a 12-year high, with the months’ supply increase from 3.4 last year to 4.6 months. The National Association of Realtors reports a national inventory level of 3.5 months.
Broken out by housing segment, March sales performed as follows:
$1 - $99,999: decreased 14.0 percent
$100,000 - $149,999: increased 3.0 percent
$150,000 - $249,999: increased 0.6 percent
$250,000 - $499,999: decreased 0.4 percent
$500,000 - $999,999: increased 3.6 percent
$1M and above: increased 26.9 percent
HAR also breaks out sales figures for existing single-family homes. In March, existing home sales edged up by 0.7 percent to 4,940 units. The average price rose 6.1 percent to $440,329, and the median sales price increased 3.6 percent to $335,000.