{"id":21752,"date":"2015-04-16T05:00:14","date_gmt":"2015-04-16T12:00:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=21752"},"modified":"2020-10-06T12:59:52","modified_gmt":"2020-10-06T19:59:52","slug":"market-tracker-march-2015-2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-march-2015-2\/","title":{"rendered":"Buyer Demand Drives Double-Digit Growth in Home Sales, Devouring Inventory"},"content":{"rendered":"

Seattle has the lowest supply\u00a0of homes for sale on record<\/strong><\/em><\/p>\n

Denver is the fastest market of all time with homes selling in six days<\/strong><\/em><\/p>\n

Richmond home sales boom, up 47% over last year<\/strong><\/em><\/p>\n

Majority of homes in San Francisco now sell for over\u00a0$1 million<\/strong><\/em><\/p>\n

Home sales leapt 10.1 percent in March compared with a year earlier, while the number of new listings increased 9.2 percent. Although more people are buying in 2015, increased supply has so far kept competition and prices in check. Year-over-year growth in home sales hasn\u2019t topped 10 percent since September 2013.
\nRedfin analysis revealed continuing stable price growth last month, at 5.7 percent year over year. While 18.5 percent of homes sold above the asking price, that share is down year over year for the 17th month in a row. It was 19.5 percent in March of last year.
\n\"redfin-median-sale-price-yoy\"
\nBut March was also the first month since December 2013 when the overall number of homes for sale shrank year over year, by 0.7 percent, even though the number of newly listed homes increased. New listings will need to keep pace with the high demand we\u2019re seeing<\/a> so far this year in order to prevent another national shift in favor of sellers. In the West, market conditions have already tilted further in the favor of sellers, according to the most recent survey<\/a> of Redfin agents.
\n\"redfin-inventory-yoy\"<\/p>\n

Other March Highlights<\/h3>\n

Prices<\/strong><\/h2>\n