DENVER, CO — The U.S. housing market picked up significant momentum in March, with home sales increasing 23% over February, marking the largest month-to-month sales jump since March 2023. According to the latest RE/MAX National Housing Report, the rise in sales coincided with an influx of listings and greater inventory levels, though year-over-year sales were down slightly by 1.4%.
March saw home inventory climb 8% from February, registering a notable 35.5% increase compared to March 2024. New home listings jumped by 29.8% from the prior month, and by 7.9% year-over-year, fueling the greater availability of homes and offering buyers more options during the prime spring real estate season. Washington, D.C. led the nation in month-to-month active listings growth with a 25.3% increase.
The median sales price rose to $435,000 this March, up 1.8% from February and 3.5% higher than a year earlier. Despite these gains, buyers paid an average of 99% of the asking price, maintaining a trend observed in February and throughout 2024.
“As we enter the prime homebuying season, the uptick in sales and inventory may lead to even more positive market activity,” said RE/MAX Holdings CEO Erik Carlson. “With a relatively good supply of homes for sale, and rates holding with signs of some improvement, many buyers are finding current market conditions to be the most favorable they’ve seen in the past few years.”
The average days a home remained on the market dropped to 44 days compared to 51 in February, while months’ supply of inventory in March fell to 2.3 from 2.7 in February. This metric, however, shows inventory levels are significantly above those of March 2024, when the months’ supply was 1.7.
Key highlights from the report include the following metrics and regional trends:
- New Listings: Las Vegas, Nashville, and Manchester, NH, led year-over-year increases in new home listings, while Birmingham, Minneapolis, and Des Moines saw the sharpest declines.
- Closed Transactions: San Francisco, Fayetteville, AR, and Dover, DE, recorded the highest year-over-year sales growth, while Bozeman, MT, New Orleans, and Atlanta reported the largest declines.
- Median Sales Price: Burlington, VT (+22.4%) led in price increases, compared to drops in Honolulu (-4.5%) and Omaha (-3.2%).
With the market entering the busiest time of the year, housing trends point to continued recovery, supported by rising inventory levels and improving affordability for many buyers. However, challenges remain for sellers adjusting to new realities of longer days on market and less aggressive pricing environments. Looking ahead, positive market conditions are expected to persist, providing opportunities for both buyers and sellers as housing activity accelerates into the summer months.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.