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Home Sales Across the Country are White Hot

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Home Sales Across the Country are White Hot

Sales of existing homes around the nation in March spiked to the highest level since February 2007, according to the National Association of Realtors (NAR). This represents a 1.5 percent increase in home sales from the prior month.

Inventory also improved in March with an additional 1.83 million homes listed, a 5.8 percent increase from the previous month. Although, the available inventory during March was down 6.6 percent from the year before.

Inventory Influences Duration of Home Listings

NAR reports a 3.8 month supply of homes currently available on the market, holding steady from the previous month. When the supply is lower, like it is now, the competition to win bids on homes creates a white hot sellers’ market.

Homes only lasted on the market for an average of 34 days in March – that’s 11 less days than the duration of the average listing from just a month earlier and 13 fewer days than last year at the same time. In total, nearly half of all homes sold in March remained listed for less than one month.

Home Sales Trends by Region

The Northeastern U.S. saw a 10.1 percent increase in existing home sales during March. The Midwest trailed closely, with sales jumping 9.2 percent. In the South, existing home sales increased by a moderate 3.4 percent while sales in the West dipped by 1.6 percent.

First-time homebuyers continue to make their presence felt in the market, accounting for nearly 1/3 of all sales in March.

Why it’s an Ideal Time to Sell

Not only are sellers watching their single-family houses, condos, co-ops and townhouses get quickly plucked off the market, those properties are also appreciating. The median existing-home price is now $236,400 – a 6.8 percent increase compared to the year before.

Buyers are also paying sellers in cash more often. In March, 23 percent of existing home sales were made in all cash deals. Buyers are discovering that paying in cash helps to differentiate their bids from the competition.

There is a Silver Lining for Buyers

Despite limited inventory and lots of competition, home buyers can still take advantage of interest rates that remain near historic lows. Keep in mind that the Fed could still raise interest rates more than once this year. Therefore, so it’s important to stay aggressive in your search to lock in the best possible rates now.

Demetrios Salpoglou

Demetrios Salpoglou

Published May 9, 2017

Demetrios Salpoglou is the CEO of which is an information and technology based services company that provides cutting edge resources to real estate companies. Demetrios has developed over 90 real estate related websites and owns hundreds of domain names. Demetrios also owns and operates six leading real estate offices with over 120 agents.

Demetrios has pulled together the largest apartment leasing team in the Greater Boston Area and is responsible for procuring more apartment rentals than anyone in New England – with over 130k people finding their housing through his services. Demetrios is an avid real estate developer, peak performance trainer, educator, guest lecturer and motivational speaker.