Real estate's snowy weather was but a distant memory in most areas. However, some unlucky pockets of the U.S market remained unchanged. In most parts, springtime spirits were soaring and so was the nation's most positive real estate market in ages. And if economists learned anything, it was that there was no reason to look forward to April showers to acquire May flowers. Most analysis of preliminary statistics for the month of March showed that the spring home buying was in full bloom.
The real estate's median list price proceeded with its upward path. Meanwhile, the inventory of houses for sale increased more steadily, but still ever as slow as the sluggish demand from buyers, according to a feature from Housing Wire.
Realtor.com chief economist Jonathan Smoke stated that listings were growing as they usually did this time of the year, but because demand had been growing slower than supply, homes were selling quicker. He continued by saying that the monthly pattern was the normal seasonal trend, but the year-over-year decrease reflected the overall demand being bigger than supply for over a year, which resulted in fewer inventory available and faster-moving supply.
The heightened appetite within a limited stock of property pushed up home prices. The projected average list price for March was $238,000, which was an increase of 3 percent from February, and 8 percent above the previous year.
Real estate analysts expected March to have 3 percent more homes on the market compared with prior months as a welcome addition. However, that will still be 2 percent less than in March 2014. Because of the lack of supply, homes were going by faster in March, spending an average of 77 days on the market, which was 20 percent faster than in February, and 13 percent faster than in previous years, according to a feature from The Denver Post.
