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Home Prices Reach Record High

Home Prices Reach Record High

Housing demand has been outrageous to the level that it is forcing home prices to reach new levels. According to a recent report from the National Association of Realtors (NAR) for the month of March we have seen record-high home prices as well as year-over-year gains in the number of sales of homes in all 4 major regions of the country.
 
While home sales were up this year over 2020 at this time, there was a slight slowdown in sales from the month before. The extreme lack of inventory is still posing its challenges with not enough options for eager buyers. 
 
"The sales for March would have been measurably higher, had there been more inventory," he added. "Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising." 
 

Noteworthy Real Estate Market Facts

Total housing inventory diminished by 28.2% from one year ago with unsold inventory resting at just over a two-month supply at the current sales pace. Total inventory numbers are near all-time lows since NAR first began tracking numbers of supply back in 1982.
 
Despite any changes in mortgage rates, they are still staying favorably low with a promising forecast for the year. The average for a 30-year fixed rate mortgage was 3.08% for the month of March which was lower than all of 2020’s average of 3.11%.
 
The median existing-home price for all types of properties in the month of March was now crossing the $300,000 mark coming in at $329,100. This was up by 17.2% over last year at this time with price gains showing for all major regions. This also makes for the 109th month in a row for year-over-year increases. 
 
The average time on the market for properties for sale in the month of March was only 18 days. This was down from the 20 days that we had seen the month prior and roughly half of March 2020 at 29 days. The lion’s share of homes sold in March were on the market for less than one month. 
 
NAR shares their forecast by stating "At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector."

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