April 19, 2022 at 11:01am | Just Ask Matt

National Market News: 

Excerpts from RE/MAX, LLC March 2022

The RE/MAX National Housing Report is distributed  monthly on or about the 15th and is based on MLS data from approximately 51 metropolitan areas—an attempt is made to include at least one metro from each state. 

Strong Home Sales with Records for Highest Median Price with Market Lowest Supply

  • Home sales jumped 32.2%
  • Record median sales price of $360,000
  • Inventory reached a record low of 1.0 across the report’s 51 metro areas. Months supply of nventory, one year ago, was 1.3. May of 2021 set the record low of 1.2 months supply.
  • The number of homes for sale had its first increase since March, but inventory on a national level remained 37.5% below June 2020.
President and CEO, RE/MAX, LLC, Nick Bailey, was quoted in the report, "The market remains very active right now, especially on the demand-heavy buy side. You have buyers rushing to beat mortgage rate hikes as well as buyers ready to roll as soon as the right listing appears."

Housing Market Highlights for March 2022

  • Closed transactions of home sales - up 32.2% compared to February 2022.  However, down 6.5% compared to March 2021. 
  • Median sales price  of 51 metro areas was $360,000, up 4.7% compared to February 2022. But, up 16.7% from March 2021. There was not a year-over-year decrease in median sales price across the metro areas.
  • Days on Market (DOM) for homes sales in March 2022 was 31, down four days average from February 2022. This is also down by  eight days from the average in March 2021.
  • Months Supply of Inventory in March 2022 was down 0.9% from February 2022 and down 21.1% from March 2021.

You can read the full report here. RE/MAX, LLC: RE/MAX NATIONAL HOUSING REPORT FOR MARCH 2022
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