March home sales rose a significant 50.4% over sales in February, according to the April RE/MAX National Housing Report. This marks the highest single month increase since the RE/MAX National Housing Report began in August 2008. The total number of home sales in March was the largest total of any previous March. When compared with sales last March, the increase this year was 14.7%. The Median Sales Price of $204,000 in March was also higher than last year by 8.5%. The inventory of homes for sale appears to be stabilizing, with only a fractional loss of 0.4% from February. With a higher rate of sales, the resulting Months Supply of Inventory fell further to 3.7 on a scale where 6.0 month indicates a market balanced equally between buyers and sellers.
The above is an excerpt from the monthly RE/MAX National Housing Report. Read the full report.