In March of this year, existing home sales soared to the highest pace they've been in more than 10 years. According to the latest report from the National Association of Realtors, homes sold significantly faster than last month and last year.
"The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month.
Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.
Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago, nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year.
Last month’s swift price gains and the remarkably short time a home was on the market are directly the result of the homebuilding industry’s struggle to meet the dire need for more new homes.
A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market…Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy”
- NAR Chief Economist Lawrence Yun
Although, increased competition caused homes to fly off the market as properties stayed on the market for an average of 34 days in March. Now is definitely the time to sell!
Are you interested in selling your home?
Reference: Kelsey Ramirez