Housing report

RE/MAX National Housing Report for March 2022

Strong spring home sales set records for highest median price and lowest supply

DENVER, April 18, 2022 /PRNewswire/ — The busy spring season got off to another strong start this year. March home sales jumped 32.2% from February while posting a record median sale price report of $360,000. As buyers continued to far outnumber sellers, the month’s inventory supply hit a record high of 1.0 across all 51 metro areas in the report. More than half of the market areas reported a supply of less than one month.

The significant month-over-month sales growth in March of 32.2% corresponds to an average increase of 33.5% from February to March over the past five years (2017-2021). Consistent with March being considered the start of the traditional spring home sales season, March home sales typically produce the largest monthly increase in closings each year, in stark contrast to the average increase of only 0.5% from March to April over the past five years. years.

The median selling price for the month of March was 4.7% higher than the previous record high report $344,000 fixed in February. Year over year, prices increased by 16.7%.

The previous record for months of inventory supply was 1.2 months set last May. A year ago, the month of inventory supply was 1.3. The number of homes for sale fell 21.1% from March 2021. Even so, the 0.9% drop in active listings from February to March was the smallest in eight months.

Homes spent an average of 31 days on the market in March, four fewer than February and eight fewer than a year ago.

“The market remains very active right now, especially on the high-demand buyer side, said Nick BaileyPresident and CEO. “You have buyers rushing to beat mortgage rate hikes as well as buyers ready to roll as soon as the right listing appears. Inventory remains the biggest concern for hopeful buyers, but with sellers who are watching homes snap up in record time, the idea of ​​cashing in on their capital gain continues to have great appeal.If things heat up even more in the coming months, buyers may have more choice and buying power if other sellers choose to join in the action.

Highlights and local markets leading various metrics for March include:

Closed deals Of the 51 metropolitan areas studied in March 2022the overall average number of home sales is up 32.2% from February 2022and down 6.5% compared to March 2021. The markets with the largest year-over-year sales percentage decline were Anchorage, AK at -20.6%, Billing, MT at -18.9%, and Augusta, ME at -18.2%. Leading the year-over-year sales percentage increases, Wilmington/Dover, DE at +6.0%, Little Rock, AR at +4.1%, and Portland, OR at +1.7%.

Closed trades:
5 markets with the highest year-over-year increase

Market

March 2022
Transactions

March 2021
Transactions

Year after year
% Switch

Wilmington/Dover, DE

850

802

+6.0%

Little Rock, AR

1,144

1,099

+4.1%

Portland, OR

3,571

3,510

+1.7%

Houston, TX

9,900

9,777

+1.3%

Tulsa, okay

1,409

1,397

+0.9%

Median sale price – Median of the median prices of 51 metros
In March 2022the median of the median selling prices of the 51 metros was $360,000up 4.7% compared to February 2022and up 16.7% compared to March 2021. No metro area saw a year-over-year decline in median selling price. Thirty-five metropolitan areas grew year-over-year by double-digit percentages, led by Billing, MT at +31.2%, Tampa, Florida at +29.1%, and Phoenix, AZ at +28.5%.

Median Selling Price:
5 markets with the highest year-over-year increase

Market

March 2022
Median selling price

March 2021
Median selling price

Year after year
% Switch

Billing, MT

$369,900

$282,000

+31.2%

Tampa, Florida

$355,000

$275,000

+29.1%

Phoenix, AZ

$462,500

$360,000

+28.5%

Las Vegas, Nevada

$425,000

$331,000

+28.4%

Raleigh-Durham, North Carolina

$415,660

$330,000

+26.0%

Days on Market – Average of 51 metropolitan areas
The average number of days on the market for homes sold in March 2022 was 31, down four days from the average in February 2022and down eight days from the average in March 2021. Metropolitan areas with the lowest market days were Nashville, TN At 11 o’clock, Seattle, WA at age 12, and Omaha, NE to 13. The highest Days on Market averages were Des Moines, Iowa at 96, New York, NY at age 79, and Miami, Florida to 76. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

Days on the market:
5 markets with the largest year-over-year decline

Market

March 2022
Days on market

March 2021
Days on market

Year after year
% Switch

Las Vegas, Nevada

20

38

-46.3%

Orlando, Florida

27

48

-43.8%

Tampa, Florida

22

39

-43.6%

Nashville, TN

11

19

-43.2%

Omaha, NE

13

22

-40.9%

Months of inventory supply – Average of 51 metropolitan areas
The number of houses for sale in March 2022 was down 0.9% from February 2022 and down 21.1% compared to March 2021. Based on home sales rate in March 2022months of inventory supply decreased to 1.0 from 1.3 in February 2022and decreased from 1.3 in March 2021. A six-month supply indicates a balanced market between buyers and sellers. In March 2022, of the 51 metro areas surveyed, no metro area reported a monthly supply of six months or more, which is generally considered a buyer’s market. The markets with the lowest months of inventory supply were Albuquerque, New Mexico at 0.4, and a tie at four between Charlotte, North Carolina, Denver, CO, Raleigh-Durham, North Carolinaand Seattle, WA at 0.5.

Inventory Supply Months:
5 markets with the largest year-over-year decline

Market

March 2022
Inventory supply months

March 2021
Inventory supply months

Year after year
% Switch

Albuquerque, New Mexico

0.4

2.6

-84.6%

Hartford, Connecticut

0.7

2.1

-66.7%

Miami, Florida

1.2

3.5

-65.7%

Providence, RI

0.8

2.1

-61.9%

Augusta, ME

1.2

2.1

-42.9%

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The description
The RE/MAX National Housing Report is distributed each month on or around the 15and. The first report was distributed in August 2008. The report is based on MLS data in approximately 51 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the nation’s largest metropolitan areas are represented, and an attempt is made to include at least one metro from each state. Definitions of metropolitan areas include specific counties established by the US Government’s Office of Management and Budget, with some exceptions.

Definitions
Transactions is the total number of residential transactions concluded during the given month. The monthly inventory supply is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending) during the month. When “pending” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days between when a property is listed and when the property goes under contract for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metropolitan areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokers and regional offices. Although MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, the RE/MAX National Housing Report recalculates data from the previous period to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC