March 2023

Nationally, existing home sales jumped 14.5% month-over-month as of last
measure, the first monthly gain in 12 months, and representing the largest monthly
increase since July 2020, according to the National Association of REALTORS®
(NAR). The sudden uptick in sales activity stems from contracts signed toward the
beginning of the year, when mortgage rates dipped to the low 6% range, causing a
surge in homebuyer activity. Pending sales have continued to improve heading into
spring , increasing for the third consecutive month, according to NAR.

New Listings were down 5.6 percent to 1,510. Pending Sales decreased 4.1 percent
to 1,372. Inventory grew 69.6 percent to 1,840 units.

Prices moved higher as Median Sales Price was up 3.9 percent to $265,000. Days
on Market increased 66.7 percent to 45 days. Months Supply of Inventory was up
100.0 percent to 1.6 months, indicating that supply increased relative to demand.

Monthly sales might have been even higher if not for limited inventory nationwide. At
the current sales pace, there were just 2.6 months’ supply of existing homes at the
beginning of March, far below the 4 – 6 months’ supply of a balanced market.
Inventory remains suppressed in part because of mortgage interest rates, which
nearly hit 7% before falling again in recent weeks. Higher rates have continued to
put downward pressure on sales prices, and for the first time in more than a decade,
national home prices were lower year-over-year, according to NAR, breaking a 131-
month streak of annual price increases.

Information courtesy of CMLS*