Finally, the snow is but a distant memory in all but a few (unfortunate) pockets of the U.S. Our springtime spirits are soaring—and so are the nation’s hottest real estate markets. And if we’ve learned anything, it’s that there’s no reason to wait for April showers to bring May flowers—our analysis of preliminary data for the month of March shows that the spring home-buying season is in full bloom on realtor.com®.
The median list price continued its upward climb. Meanwhile, the inventory of homes for sale is increasing more steadily—but still not as fast as the pent-up demand from buyers.
“Listings are growing as they normally do this time of the year, but because demand has been growing faster than supply, homes are selling faster,” observes Jonathan Smoke, chief economist of realtor.com. “So the monthly trend is the normal seasonal pattern, but the year-over-year decline is reflective of demand being stronger than supply for more than a year, which is resulting in fewer homes available and faster-moving inventory.”