"The spring housing market is off to an early and strong start. With existing home sales for March at the highest level since the great recession, the limited number of homes that are on the market are likely to move fast, potentially choking off sales. Existing home sales for March sailed by last month’s count by 4.4 percent and surpassed March 2016 sales by 5.9 percent, according to the National Association of Realtors. Sales, over the past year, were greatest in the Northeast surging 10.1 percent, while they fell 1.6 percent in the West. Median home sales prices also surged past March of 2016 by 6.8 percent. Price appreciation was strongest in the South and West. A tightening supply of homes is causing this strong price movement. The months of supply of homes on the market fell 13.6 percent since a year ago, while the number of homes on the market fell by 6.6 percent. That means that there are fewer homes on the market and they are selling faster. We are in a strong seller’s market." (Joe Kirchner, Ph. D., Senior Economist)
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