The US housing market had mixed results in March 2021.
Even though March was the 2nd straight month of contracting existing home sales, year-over-year gains provide a positive sign for local markets. The 6M+ SAAR for the quarter’s final month was a 12.3% gain over March 2020. Median sales prices rose for the 109th consecutive month, year-over-year, and a remarkable 83% of homes sold within one month of listing.
Repeating a theme, housing inventory will remain a challenge in 2021, as house prices continue their upward arc. March’s 2.1 months of inventory is an inch upward from February (2.0), but a far cry from a balanced market, which is closer to six months.
Existing home sales numbers for March 2021:
- EHS +12.3% YoY, vs March 2020
- March SAAR: 6.01M units
- Median Price: $329,100 (+17.2% YoY)
- 109th consecutive month of YoY price increases
- Unsold Inventory: 2.1 months (down from 3.3 YoY)
- Homes sold <1 month: 83%
- First-time buyers: 32% (down 2 points YoY)
NAR’s chief economist, Lawrence Yun:
Existing-home sales are off to a strong start at 5.46 million. The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales … Mortgage rates have helped with affordability, but it is supply conditions that are driving price growth.
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Read the full article:
Existing-Home Sales Housing Snapshot | www.nar.realtor