26 Apr Update: 2016 Home Buying Season a Hot One!

New data from Realtor.com shows that the 2016 home buying season is going to be a hot one, with homes in March already moving 15 percent more quickly than last year, even as prices hit record highs.

Properties on realtor.com stayed on the market for only 75 days in March, moving 14 days faster than a year ago and 19 faster than last month – a clear sign that the Spring buying season has begun.  The median home was listed at $238,000, eight percent higher than one year ago and three percent higher than February.  Forsale housing inventory is increasing on a monthly basis, but still lower than one year ago.

Jonathan Smoke, chief economist of realtor.com says:  “The readings on March inventory and activity on realtor.com indicate that early bird buyers are emerging in markets that typically have buyers sidelined with winter weather.  While listings continue to see monthly growth, inventory is picking up momentum with the median age of inventory moving much faster than this time last year.  If the monthly inventory trend continues, it could lead to a significant uptick in sales this year.”

Key Statistics:

1. Median age of inventory ended at an estimated 75 days, down 16 percent year-over-year and down 22 percent from February.
2. Median listing price for March reached a record high of $238,000, an eight percent increase year-over-year and a three percent increase month-over- month.
3. Listing inventory in March showed a three percent increase over February.  However, inventory decreased one percent year-over-year.

Source: Realtor.com