The housing recovery continues, with both home sales and prices rising in each month of 2013. The March RE/MAX National Housing Report, a survey of MLS data in 52 U.S. metropolitan areas, shows a positive trend with sales 2.9% higher than the same month last year and median prices rising 8.4%. However, strong price gains are likely due to fewer homes listed for sale. In many metro areas, low inventory is preventing some buyers from closing on the home of their choice, and may also be limiting the growth of sales. The March inventory of homes for sale remains 29.5% lower than the inventory in March 2012. This has created a Months Supply of just 3.8, the lowest inventory supply since the RE/MAX Housing Report began in August 2008. Real estate agents across the country report that interest in the market is high and home sales should remain strong into the summer. While home prices have not returned to their pre-crisis levels, increasing numbers of homeowners are finding they now have a much better equity position.
The above is an excerpt from the monthly RE/MAX National Housing Report, click here to read the full two-page report.
