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March 2020 Housing Market Trends Report – News

  • National inventory declined by 52.0% over last year.
  • Newly listed homes on the market declined by 20.0% nationally and by 17.9% for large metros over the past year. 
  • The March national median listing price was $370,000, up 15.6% compared to last year. Large metros saw an average price gain of 12.1% compared to last year.
  • Nationally, the typical home spent 54 days on the market in March, 6 days less than the same time last year.®’s March housing data release indicates a competitive early spring season, as listing prices continue to break through recent all-time highs. The rate at which newly listed homes enter the market is improving, but it still has a way to go to reach levels seen last year before the start of the COVID-19 pandemic. Whether prices will continue to rise will be dependent on two opposing forces: equity-rich existing homeowners able to provide larger down payments than previous years, and first-time homebuyers feeling renewed affordability pressures as listing prices and mortgage rates continue to rise in unison. 

Seller Activity Improves But Remains Low Compared to Pre-Pandemic Levels

Nationally, the inventory of in March decreased by 52.0% over the past year, a higher rate of decline compared to the 48.6% drop in February. This amounted to 534,000 fewer homes for sale on a typical day in March compared to the previous year. Newly listed homes, while still declining compared to the previous year, improved slightly compared to last month. In March, newly listed homes declined by 20.0% on a year-over-year basis compared to the 24.5% decline seen in February. In the final week of March, newly-listed homes increased by 6.3% on a year-over-year basis, as the week overlapped the initial housing market activity drop after the onset of the COVID-19 pandemic. However, newly listed homes in this final week were still down 23.8% compared to the 2017 to 2019 average for the same time period. 

Housing inventory in the 50 largest U.S. metros overall declined by 50.5% over last year in March, greater than last month’s 47.4% decline. In March, inventory fell most on a year-over-year basis in larger metros in the South (-59.6%) compared to other regions across the country. Southern metros, still recovering from February’s severe winter weather and outages, also saw newly listed homes decline most on a year-over-year basis compared to other regions (-28.8%). In the West, the inventory of newly listed homes grew and ended March roughly at the same level as the previous year. 

Markets that saw the largest year-over-year decline in newly listed homes for the month of March included Jacksonville (-43.7%), Oklahoma City (-42.6%), and Nashville (-39.7%). Only San Jose (+48.1%), San Francisco (+39.1%), Los Angeles (+19.7%), and New York (+6.9%) saw newly listed homes increase on a year-over-year basis. However, each of these metros was affected by the COVID-19 pandemic and subsequent drop in selling activity earlier than others across the country this time last year. Overall, newly listed homes in the largest 50 metros decreased by 24.3% compared to last year. 

Homes Are Still Selling Almost a Full Week More Quickly than Last Year

in March continued to sell more quickly than last year, as rising interest rates have not yet significantly impeded buyer demand. The typical home spent 54 days on the market this March, which is six days less than last year. 

In the 50 largest U.S. metros, the typical home spent 39 days on the market, and homes spent nine days less on the market, on average, compared to last March. Among these 50 largest metros, the time a typical property spends on the market has decreased most in the West (-13 days) and the South (-12 days), followed by the Northeast (-6 days), and the Midwest (-5 days). 

Among larger metropolitan areas, homes saw the greatest decline in time spent on the market compared to last year in Buffalo (-30 days), Riverside (-28 days), and Austin (-26 days).    

Listing Prices Continue Reaching All-Time Highs

The median national home listing price grew by 15.6% over last year and reached $370,000 in March, higher than last month’s growth rate of 13.7%. The median listing price of $370,000 is a new all-time high. While listing prices typically continue to increase into the later spring and summer months, the high recent listing price growth rates, coupled with rising interest rates, may begin to create a ceiling limiting how much higher homebuyers are willing to go, as monthly payments on new mortgages become less and less affordable. However, it’s also possible that equity-rich existing homeowners could continue to fuel the rise well into this home-buying season. 

Listing prices in the nation’s largest metros grew by an average of 12.1% compared to last year, also slightly higher than last month’s rate of 11.5%. Among the largest 50 metros, listing prices are increasing most in northeastern markets, where they are now growing at an average rate of 14.3% over last year, compared to a growth rate of 12.7% for western metros, 11.4% for midwestern metros, and 11.3% for southern metros.  

Austin (+39.8%), Buffalo (+28.3%), and Los Angeles (+24.8%) posted the highest year-over-year median list price growth in March. Memphis (-1.4% year-over-year), Miami (-1.2%), and Denver (-0.4%) were the only top 50 metros to see their median listing price decline year-over-year in March.   

Regional Statistics (50 Largest Metro Combined Average)

RegionActive Listing Count YoYNew Listing Count YoYMedian Listing Price YoYMedian Days on Market Y-Y
Midwest-51.7%-22.3%11.4%-5 days
Northeast-42.4%-8.9%14.3%-6 days
South-59.6%-28.8%11.3%-12 days
West-38.6%0.0%12.7%-13 days

March 2021 Inventory Data – 50 Largest Metros

MetroNew Listing Count YoY


Active Listing Count YoYMedian Listing Price YoYMedian Listing PriceMedian Days on Market Y-Y (Days)Median Days on Market
Atlanta-Sandy Springs-Roswell, Ga.-29.3%-60.4%19.7%$395,000-1831
Austin-Round Rock, Texas-20.7%-72.7%39.8%$520,000-2618
Baltimore-Columbia-Towson, Md.-17.0%-59.3%2.0%$335,000-1330
Birmingham-Hoover, Ala.-16.1%-47.4%2.9%$267,000-1344
Boston-Cambridge-Newton, Mass.-N.H.-2.8%-36.7%10.3%$695,000-527
Buffalo-Cheektowaga-Niagara Falls, N.Y.-12.6%-46.6%28.3%$260,000-3029
Charlotte-Concord-Gastonia, N.C.-S.C.-39.4%-62.6%18.3%$414,000-836
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.-23.1%-48.2%11.1%$365,000-439
Cincinnati, Ohio-Ky.-Ind.-26.8%-51.4%16.0%$348,000048
Cleveland-Elyria, Ohio-22.6%-55.0%14.1%$231,000-1248
Columbus, Ohio-11.3%-53.6%7.2%$329,000-1129
Dallas-Fort Worth-Arlington, Texas-36.6%-69.0%12.0%$383,000-1234
Denver-Aurora-Lakewood, Colo.-9.3%-48.7%-0.4%$558,000-1115
Detroit-Warren-Dearborn, Mich-25.2%-55.9%19.2%$286,000-840
Hartford-West Hartford-East Hartford, Conn.-14.7%-45.8%10.4%$314,000-1140
Houston-The Woodlands-Sugar Land, Texas-24.4%-52.3%13.3%$355,000-249
Indianapolis-Carmel-Anderson, Ind.-32.0%-57.6%7.1%$300,000-847
Jacksonville, Fla.-43.7%-70.7%10.4%$354,000-2237
Kansas City, Mo.-Kan.-19.2%-57.3%14.7%$390,000-757
Las Vegas-Henderson-Paradise, Nev.-22.0%-40.9%10.4%$370,000-534
Los Angeles-Long Beach-Anaheim, Calif.19.7%-19.7%24.8%$1,199,000152
Louisville/Jefferson County, Ky.-Ind.-15.3%-55.7%1.8%$277,000-1239
Memphis, Tenn.-Miss.-Ark.-29.9%-57.2%-1.4%$240,000-1149
Miami-Fort Lauderdale-West Palm Beach, Fla.-5.1%-42.0%-1.2%$403,000-680
Milwaukee-Waukesha-West Allis, Wis.-29.2%-54.2%3.8%$340,000246
Minneapolis-St. Paul-Bloomington, Minn.-Wis.-27.6%-46.1%3.2%$385,000-629
Nashville-Davidson–Murfreesboro–Franklin, Tenn.-39.7%-64.3%9.4%$415,000-926
New Orleans-Metairie, La.-37.4%-47.7%19.0%$344,000-853
New York-Newark-Jersey City, N.Y.-N.J.-Pa.6.9%-16.9%10.5%$629,000N/A88
Oklahoma City, Okla.-42.6%-61.9%20.7%$319,000-142
Orlando-Kissimmee-Sanford, Fla.-26.0%-53.7%2.1%$329,000-848
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.-6.4%-45.8%11.7%$335,000-544
Phoenix-Mesa-Scottsdale, Ariz.-25.5%-62.4%17.8%$477,000-2221
Pittsburgh, Pa.-11.6%-52.9%N/A$267,000-1563
Portland-Vancouver-Hillsboro, Ore.-Wash.-16.6%-50.7%13.0%$542,000-1526
Providence-Warwick, R.I.-Mass.-14.2%-58.3%8.5%$434,000-1932
Raleigh, N.C.-39.0%-70.3%12.0%$420,000-1239
Richmond, Va.-21.9%-53.6%18.2%$395,000-938
Riverside-San Bernardino-Ontario, Calif.-7.7%-64.7%19.4%$507,000-2823
Rochester, N.Y.-19.0%-47.6%20.9%$285,000-136
Sacramento–Roseville–Arden-Arcade, Calif.-10.0%-55.0%15.7%$587,000-1916
San Antonio-New Braunfels, Texas-31.3%-66.6%10.0%$328,000-1643
San Diego-Carlsbad, Calif.-8.6%-26.6%17.9%$885,000N/A61
San Francisco-Oakland-Hayward, Calif.39.1%-12.4%9.4%$1,050,000-723
San Jose-Sunnyvale-Santa Clara, Calif.48.1%-0.6%0.8%$1,243,000-915
Seattle-Tacoma-Bellevue, Wash.-7.6%-42.6%10.6%$680,000-1614
St. Louis, Mo.-Ill.-21.9%-43.9%17.4%$270,000872
Tampa-St. Petersburg-Clearwater, Fla.-35.8%-69.9%15.2%$325,000-2033
Virginia Beach-Norfolk-Newport News, Va.-N.C.-25.4%-55.6%1.6%$322,000-1631
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.-3.5%-34.7%1.0%$510,000-326

*Some data for Pittsburgh, New York, and San Diego has been excluded due to data quality.

Sabrina Speianu, Danielle HaleSabrina Speianu, Danielle HaleDanielle Hale Original Article Appeared at : Source

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