According to Realtor.com’s National Housing Trend Report for March, the housing market is stronger, compared to the beginning of last year. In fact, it seems as though there’s not only an increase in inventory, but there’s also a slight increase in house pricing.
Some housing numbers:
The number of properties for sale on realtor.com was up about 9.5% compared to that of March 2013 statistics. List price also increased, with the median price resting at $199,900, which is a spike of 5.3% from March 2013. The report also showed a 22.9% increase on the median age of inventory, now at 102 days.
So what does this mean for homebuyers?
Well, it looks like the housing market is a bit more balanced than it was last year at this time. Unlike last year, there wasn’t a double-digit increase in housing prices, which means there are more homes available.
This increase in available housing also means first time homebuyers and move-up buyers have more choices in affordable housing. Dissimilar from 2013, where there was a lack of inventory, competition is much lower. This, my friends, is great news!
Despite some of the positives, the sale of homes continues to be slow. These low inventories seem to “remain a significant factor in housing market health.” However, we must not be discouraged; the amount of contracts signed has remained stable over the past few months and it looks like more people are looking to buy homes these days.