22 April 2014
Realtor.com® recently released its National Housing Trend Report for March 2014. The report shows year-over-year growth in inventory and days on market, which are welcome signs for spring homebuyers. Combined with modest price increases, this growth speaks to a healthier market currently than in the early homebuying season in 2013.
Data from realtor.com® reveals the number of homes for sale on realtor.com® in March rose 9.5 percent above March 2013 levels, to 1,841,844 units. The median list price of $199,900 was 5.3 percent higher than it was in March of last year, and the median age of inventory increased 22.9 percent above year-ago figures, to 102 days. These trends suggest that the market is more balanced than it was in 2013, when a shortfall in available supply led to double-digit increases in home price in many markets.
Added inventory may mean more affordable prices in many markets for the first-time and move-up buyer alike. More homes on the market is a particularly good sign for first-time homebuyers, for whom lack of inventory in 2013 led to intense competition and created one more barrier to homeownership.
“Bidding wars in many markets last year frequently elevated offer prices beyond the reach of first-time buyers who could scarcely save for the down payment,” says Steve Berkowitz, CEO of Move. “While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring.”
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