Median Price Jumps in March

Median Price Jumps in March

The median price for single-family, re-sale homes rose 19.1% year-over-year in March. It is now at its highest point since June 2008. This is the seventh month in a row the median price has been higher than the year before.

Meanwhile, inventory also rose sharply last month: up 21.2% year-over-year. Inventory is at its highest level since February 2009. This is also the first time since last February that inventory has been higher than the year before.

Home sales also improved in March, rising 0.9% over last March.

Pending sales remained anemic, down 51.7% from last year. This is the fourth month in a row pending sales have been weaker than the year before. Note that we are reporting pending sales without contingencies. Contingent sales are now 4,571, with most of those being short sales subject to lender approval.

Nevertheless, with the new state tax credit, and the federal tax credit still in effect until the end of April, we expect sales for the Spring selling season to be strong.