The typical spring surge of home sales combined with another dip in listings, continued to drive up home prices across the nation in March. Home prices were up both year over year and month over month in every market but Long Island. Home buyers hoping to take advantage of low rates are facing stiff competition and scarce selection. Until interest rates rise or listings begin to increase, the extreme seller’s market will continue.
The key metrics across 19 major metropolitan markets are:
- Home sales rose 25% from February, but were barely up from 2012, rising just 0.9% year-over-year, the smallest gain in 14 months.
- The number of homes for sale declined 31% from March 2012 to March 2013 (a slight improvement over the 32% drop in February), and were flat month over month.
- Home prices in March increased 15% year over year, and rose 6% just since February.
- The percentage of listings that were under contract within 14 days of their debut inched up yet again from 33.2% in February to 34.8% in March, the highest point on record.
For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Price Tracker in Redfin’s Research Center.
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