Those buying a home in the U.S. are facing difficulties as housing prices continue to surge for the 24th straight month, which caused home sales to decline for the fourth straight month, creating a seller’s market across the country.
All 54 metropolitan areas measured for April’s housing report had a housing inventory below six months, according to data from RE/MAX. Inventory decreased 0.5 percent from last month and 14.7 percent from March 2017.
The national average for days on market is 60, down from 64 a year ago and 62 last month.
“We also look at the days on market as another indicator of tight inventory and the national average stands at 60 days,” RE/MAX CEO Adam Contos said. “That’s four days less than a year ago and another March record-breaker.”
Out of the 54 metropolitan areas surveyed for March 2018, the number of home sales jumped 36.6 percent from February 2018 but decreased 5.3 percent from March of last year. The median home selling price in March was $236,000, an increase of 3.2 percent from February and an increase of 4.9 percent from March 2017.
“Homebuyers shouldn’t be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report,” Contos said.