Prices, Listings & Sales Rise, But Economic Indicators Turn Cloudier
Year over year, the median single-family-home sales price in March 2024 was up 4.7%, and the median condo/co-op price rose 5.8%. Median sales prices usually peak for the year in late spring.
- The number of new listings was up 16.5% from February, and up 15.5% year-over-year, while active listings rose 14.4% y-o-y. The increase in inventory is excellent news for buyers, but the supply of homes for sale remains very low compared to 2017-2019.
Monthly home sales jumped 19.6% from February but were down 9.7% year-over-year. New listing activity and closed sales normally continue to climb through May or June. - In March, approximately 60% of sales sold in less than 1 month, 29% closed over list price, 28% purchased all-cash, 32% bought by first-time homebuyers and 6% by buyers who hadn’t seen the home in person. Only 2% were distressed sales. The average number of offers for homes that sold increased to 3.1. In the first quarter, approximately 10% of transactions saw delays in scheduled closed of escrow, and 5%
- negotiated contracts were terminated for one reason or another.
