The home-buying season has begun in some areas or is about to start. Typically, the real estate market sees an increase in activity in March compared to the start of the year, with changes affecting prices, homes on the market, and the speed of sales. January and February are usually not the best months for this purpose.
For the best market assessment, it is important to compare price and sales data with levels from previous years to track long-term trends. According to Redfin’s housing market report for the period ending March 22, the median home sale price rose to $389,000, up from $386,000 in the previous period, representing a 2% annual increase.
While this increase may seem disappointing for buyers, price growth was higher in past years. The current slowdown reflects an improvement in purchasing power. The number of newly listed homes for sale saw a slight year-over-year increase, providing buyers with more options. Additionally, the time homes stay on the market is shorter than last year, indicating faster sales.
Nevertheless, the market is less competitive than in previous years when offers were accepted under strict conditions. Buyers now have better opportunities, though competition for premium listings still persists.
