RE/MAX Housing Report: Inventory Gains and a Surge of New Listings Highlight a March in Which Sales Climbed from February 2024 But Trailed March 2023

Home sales in March increased 21.6% over February while trailing the March activity of a year ago. At the same time, a 20.9% surge in new listings during the month fueled a substantial 7.7% expansion in inventory.

The inventory gains helped expand the supply of homes for sale by 24.2% year over year, setting the stage for the customary peak homebuying season of May and June.

"As we move into what is normally the prime homebuying months, the increased inventory should give buyers more options and a better chance at securing a home that fits their needs," saysAmy Lessinger, RE/MAX President. "It's still a seller's market in many parts of the country, but having a greater volume of available listings is a good step toward a more balanced market."

Anthony Askowitz, Broker/Owner of RE/MAX Advance Realty inMiami, FL, agrees that March's activity was a good sign for what could come. "March is always a hot time for the real estate market inMiamiand this year was no different.Demand was strong, prices increased and, although homes took just a bit longer to sell, thankfully new construction added to the inventory to help meet the needs of new residents."

Up 5.1% year over year, the Median Sale Price increased 1.5% from February the third monthly increase in a row and returned to$415,000, a figure it last reached last September.

Other metrics of note:

• While March's 21.6% jump in sales was the largest monthly gain in a year, it lagged the 37.7% increase inMarch 2023and 33.2% increase inMarch 2022.



• March home sales finished 9.4% below a year ago across the 50 metro areas surveyed. One factor in the comparison is that the Easter holiday weekend occurred in March this year, but in April last year.



• The March months' supply of inventory was 1.7, compared to 1.9 in February and 1.4 one year ago.



• Days on market dropped by 4 days from February to 40 days the same number as inMarch 2023.



• On average, March sellers received 99% of the listing price, the same as sellers in February and those one year ago.

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