{"id":47442,"date":"2016-04-20T07:43:40","date_gmt":"2016-04-20T14:43:40","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=47442"},"modified":"2020-10-06T17:08:18","modified_gmt":"2020-10-07T00:08:18","slug":"housing-market-update-the-river-is-running-dry-and-buyers-are-parched","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-the-river-is-running-dry-and-buyers-are-parched\/","title":{"rendered":"Housing Market Update: The River Is Running Dry and Buyers Are Parched"},"content":{"rendered":"
The results for March are in, and they\u2019re only so-so. As buyers and sellers prepared for spring, this week we learned that home sales barely budged last month and builders weren\u2019t particularly upbeat.<\/span><\/figure>\n
Sales of single-family homes, townhouses, condos and co-ops rose a modest 1.5 percent in March from a year ago, the National Association of Realtors said today. Buyers had fewer properties to chose from, with the number of existing (not new) homes for sale down 1.5 percent from a year ago.<\/figure>\n
It was the third discouraging housing report this week. On Monday, home builders said business was fine, even though they didn\u2019t see a ton of traffic from buyers last month. A measure of industry optimism, the<\/span> National Association of Home Builders\/Wells Fargo Housing Market Index<\/span><\/a>, held steady in March for the third-straight month.<\/span><\/figure>\n
\u201cCautiously optimistic,\u201d is how NAHB chief economist Robert Dietz described the mood.<\/figure>\n
Cautious might be the operative word. Yesterday we learned that builders broke ground on disappointingly few single-family homes in March. Starts on single-family homes fell 9.2 percent from this time last year, the <\/span>Census Bureau<\/span><\/a> reported.<\/span><\/figure>\n

<\/h3>\n
\n
\"housing
Source: NAHB\/Wells Fargo HMI; Census Bureau<\/figcaption><\/figure>
\n<\/figure>\n

What’s going on?<\/h3>\n

One theme running through this week\u2019s data is the shortage of homes for sale. Builders can\u2019t find workers or empty lots. Homeowners are reluctant to put their houses on the market. As a result, inventory has been retreating for 14 straight months<\/a>, leaving buyers in a bind.
\n\u201cTepid sales growth is to be expected given the sorry state of inventory,\u201d Redfin<\/a> chief economist Nela Richardson said. \u201cAnd with rates at their lowest in almost two years, each new wave of listings leads to a new crop of buyers and fiercer competition.\u201d<\/p>\n

The upshot<\/h3>\n

The economy is always difficult to measure, and winter data on housing seems to be even more erratic since the recession, said <\/span>Scott Brown<\/span><\/a>, chief economist at Raymond James & Associates. <\/span>
\nIn the bigger picture, residential real estate is plodding along. And this week\u2019s economic data makes it even less likely the<\/span> Federal Reserve<\/span><\/a> will raise rates at their meeting later this month.<\/span>
\n\u201cThe figures are consistent with moderate growth \u2013 not strong, but not horrible \u2013 leaving the Fed in no hurry to take the punch bowl away,\u201d Brown said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The results for March are in and they\u2019re only so-so. As buyers and sellers prepared for spring, we learned that sales barely budged last month and builders weren\u2019t particularly upbeat.<\/p>\n","protected":false},"author":13355,"featured_media":47443,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,19],"coauthors":[],"class_list":["post-47442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-politics"],"acf":[],"yoast_head":"\nHousing Market Update: The River Is Running Dry and Buyers Are Parched - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"The housing market results for March are in, and they\u2019re only so-so. 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/47442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=47442"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/47442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/47443"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=47442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=47442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=47442"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=47442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}