Spring finally broke through at the end of last month, with the first official day of the season arriving on March 20 bringing hope of both warmer weather and a housing market heating up for the spring season.
According to the most recent existing-home sales report from the National Association of Realtors, fewer homes sold this past March than in March 2013. The report also found the price of homes that sold last month was about eight percent higher than it was for homes that sold in March 2013. Throughout the country, the median price of homes that sold in March was $198,500.
The number of homes on the market last month may have played a role in the amount and price of sales. Inventory at the end of March rose almost five percent when compared to March 2013. Even though there were more homes for sale, the report found that those homes sold about seven days faster last month than they did in March 2013. The median time on market for homes sold in March dropped to 55 days, down from 62 in March 2013. In total, more than one in three (37 percent) homes that sold in March were on the market for less than a month.
Of course, all real estate is local, so here is a breakdown of the median price of homes sold in each region of the U.S. during this past March, along with a home currently on the market at or near that price:
- Northeast: $244,700
o 3 Bedroom, 2.5 Bath home in Hooksett, N.H.(1,720 sq. ft.) – Lot 36 Bell Ave
- Midwest: $149,600
o 5 Bedroom, 2 Bath home in Wichita, Kan. (2,364 sq. ft.) – 5102 South Custer
- South: $173,000
o 3 Bedroom, 2.5 Bath home in High Point, N.C. (2,150 sq. ft.) – 3934 Johnson Street
- West: $289,300
o 4 Bedroom, 205 Bath home in Graham, Wash. (2,800 sq. ft.) – 20408 95th Ave
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Via: CWB Blue Matter