{"id":62321,"date":"2018-04-19T04:53:42","date_gmt":"2018-04-19T11:53:42","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=62321"},"modified":"2020-10-06T12:59:45","modified_gmt":"2020-10-06T19:59:45","slug":"market-tracker-march-2018","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-march-2018\/","title":{"rendered":"March Home Prices Up 8.9%, the Biggest Increase in Four Years"},"content":{"rendered":"

The median home sale price increased 8.9 percent in March from a year ago, the highest price growth in four years. The median home sale price in March was $297,000 in the 174 markets that Redfin tracks. <\/span>
\nThe lack of homes for sale, down 11.9 percent year over year, continued to constrain sales, which declined 3.7 percent. The number of homes newly listed for sale in March fell 5.6 percent compared to a year ago. <\/span>
\n\u201cThe Easter holiday fell early this year, which may have played a role in the decline in new March listings. Sellers are slow to list this year and we aren\u2019t seeing enough new construction homes to fill the gap,\u201d said Redfin chief economist Nela Richardson. \u201cIf we don’t see the new listings number turn around next month or a pickup in new housing starts, inventory will be a persistent drag on sales for the remainder of the year.\u201d<\/span>
\nThough seller enthusiasm is waning, buyer demand is strong, making for a highly competitive market. The typical home went under contract in 43 days, eight days faster than a year earlier and faster than any March on record. Among homes that sold last month, 23.9 percent sold above their list price, up from 22.3 percent last March. One in five (20.5%) homes that sold in March went under contract within two weeks of their debut, compared to 18.4 percent last year. <\/span>
\nSeattle<\/a> was the fastest-moving market for the second month in a row, joined by Denver<\/a>. Homes in these metros were on the market for a median of just seven days in March.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nMarch 2018<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$297,200<\/td>\n4.4%<\/td>\n8.9%<\/td>\n<\/tr>\n
Homes sold<\/td>\n230,300<\/td>\n34.5%<\/td>\n-3.7%<\/td>\n<\/tr>\n
New listings<\/td>\n326,100<\/td>\n26.3%<\/td>\n-5.6%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n636,800<\/td>\n2.2%<\/td>\n-11.9%<\/td>\n<\/tr>\n
Median days on market<\/td>\n43<\/td>\n-10<\/td>\n-8<\/td>\n<\/tr>\n
Months of supply<\/td>\n2.8<\/td>\n-0.8<\/td>\n-0.2<\/td>\n<\/tr>\n
Sold above list<\/td>\n23.9%<\/td>\n2.8%<\/td>\n1.7%<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$281,300<\/td>\n-0.8%<\/td>\n6.1%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n98.6%<\/td>\n0.8%<\/td>\n0.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Strong price growth was not limited to hot coastal markets like San Jose, CA<\/a> (32.3%) and San Francisco<\/a> (16.7%). Places like Allentown, PA<\/a> (21.8%), Detroit<\/a>\u00a0(20.6%) and Las Vegas<\/a> (16.5%) are also experiencing strong price appreciation.<\/span>
\nInventory declined in 65 of the 73 most populous metros Redfin tracks below. In 48 of those metros, inventory fell more than 10 percent compared to last year. Baton Rouge<\/a>, Washington, D.C.<\/a>, and Allentown<\/a>\u00a0bucked the declining inventory trend, respectively adding 26.6 percent, 11.8 percent and 11.4 percent to housing supply from last year.<\/p>\n

Other March Highlights<\/strong><\/h3>\n

Competition<\/b><\/p>\n