Is the housing market about to crash? Well, the total unsold homes increased by 9.3% compared to last year, including homes under contract.
In addition to the increase in inventory, the total number of unsold homes, including those that are under contract, also grew by 9.3% compared to last year. This suggests that there may be some hesitation among buyers, potentially due to affordability challenges or other economic factors.
Fewer Homes Were Listed for Sale, Down 20.1% compared to last year. March saw a decrease in the number of homes listed for sale, with 20.1% fewer homes being listed compared to the same time last year. This could be due to a variety of factors, such as uncertainty about the economy, low inventory in certain areas, or other factors that are specific to individual markets.
Median Price of Homes for Sale Increased by 6.3% compared to last year, Slower than February.
Despite the slower growth rate in the number of homes for sale and fewer homes being listed, the median price of homes for sale still increased by 6.3% compared to last year. However, this growth rate was slower than the previous month, suggesting that the market may be starting to adjust to the current conditions.
Homes Spent 54 Days on the Market, 18 Days Longer Than Last Year
Finally, homes spent an average of 54 days on the market in March, which is 18 days longer than the same time last year. This indicates that buyers may be taking longer to make purchasing decisions or that sellers may need to adjust their pricing strategies in order to attract buyers in the current market conditions.
If you’re thinking about selling your home or you want to invest in a property, Homeinc has your back! Call (888)850-2636 or visit our website for more information.
