Housing Market is Re-balancing

March is traditionally the harbinger of the busy home-buying and selling season. Last month followed that annual tradition but at a much slower pace in comparison to the past few years, in accordance with the latest RE/MAX National Housing Report.

Housing Market is Re-balancing; It’s an excellent thing!

Home sales this past month were 8.6% below sales during March 2018. But should home sellers be worried? RE/MAX CEO Adam Contos has said the current re-balancing of the national housing market is healthy for the industry since the demand among buyers and sellers is slowly equaling. The report also discovered that the average months supply of inventory – the length of time it would take for every home currently on the market to sell if no other homes are listed – was 2.7 months. A balanced housing market is inventory of 6 months and up.

Here are a few highlights of the latest data seen in the RE/MAX National Housing Report:

Homes sales in March were the slowest start to spring home-buying in 5 years.
From 2015 to 2018, the housing market’s spring sprang to life with a boost in sales from February to March averaging 37.0%. March 2019’s month-over-month increase of 28.8% was the lowest since 24.6% in 2014.

Inventory is up. Transactions are down.
March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3% gain.

Most homes are increasing in value, but at a slower pace.
Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4% year-over-year – notably smaller than the year-over-year increases in February (5.5%) and January (4.6%).

To see the complete March 2019 RE/MAX National Housing Report.

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