According to RE/MAX National Housing Report for March 2022, home sales in March jumped 32.2% from February, posting a record median sale price of $360,000. As buyers continued to outnumber sellers, the monthly inventory supply hit a record high of 1.0 across the 51 metropolitan areas analyzed in the report.
The strong monthly sales growth of 32.2% in March corresponds to an average increase of 33.5% from February to March over the past five years. With March considered the start of the traditional spring home sales season, home sales typically produce the largest monthly increase in closings each year.
The median selling price for March was 4.7% higher than the previous report’s record high of $344,000 set in February, while year-over-year prices rose 16.7%.
The previous record low for monthly inventory supply was 1.2 months reported last May, while the number of homes for sale was down 21.1% from March 2021. The drop in listings in share price of 0.9% from February to March was the lowest recorded in eight months.
Homes spent an average of just 31 days on the market in March, four fewer than in February and eight fewer than a year ago.
“The market remains very active right now, especially on the high-demand buyer side,” said Nick Bailey, President and CEO. “You have buyers rushing to beat mortgage rate hikes as well as buyers ready to roll as soon as the right listing appears. Inventory remains the biggest concern for hopeful buyers, but with sellers who are watching homes snap up in record time, the idea of cashing in on their capital gain continues to have great appeal.If things heat up even more in the coming months, buyers may have more choice and buying power if other sellers choose to join in the action.
Of the 51 metro areas surveyed in March 2022, the overall average number of home sales is up 32.2% from February 2022 and down 6.5% from March 2021.
The markets with the largest year-over-year sales percentage decline were:
- Anchorage, Alaska (-20.6%)
- Billings, Montana at (-18.9%)
- Augusta, Maine at (-18.2%)
The markets with the largest year-over-year percentage increase in sales were:
- Wilmington/Dover, Delaware (+6.0%)
- Little Rock, Arkansas (+4.1%)
- Portland, OR (+1.7%)
In March 2022, the median median sale price of the 51 metros was $360,000, up 4.7% from February 2022 and 16.7% from March 2021. Thirty-five regions metropolitan areas grew year-over-year by double-digit percentages, by:
- Billings, Montana (+31.2%)
- Tampa, Florida (+29.1%)
- Phoenix, AZ (+28.5%)
The average days on market for homes sold in March 2022 was 31, down four days from the February 2022 average and eight days from the March 2021 average. the lowest days in the market were Nashville, Seattle, and Omaha, Nebraska. The highest averages were in Des Moines, New York, NY and Miami.
The number of homes for sale in March 2022 decreased by 0.9% compared to February 2022 and by 21.1% compared to March 2021. Based on the rate of home sales in March 2022, the monthly supply Inventory decreased to 1.0 from 1.3 in February 2022, and decreased from 1.3 in March 2021. A six-month supply indicates a balanced market between buyers and sellers. As of March 2022, out of the 51 metro areas surveyed, no metro area reported a monthly supply of six or more, which is generally considered a buyer’s market.
To read the full report, including charting methodology, Click here.