US Home Prices Reach Record Highs In March - National Association Of Realtors

Existing homes in the United States were offered at record high prices of $330,000 and above each in March, the National Association of Realtors (NAR) said on Thursday

WASHINGTON (UrduPoint News / Sputnik - 22nd April, 2021) Existing homes in the United States were offered at record high prices of $330,000 and above each in March, the National Association of Realtors (NAR) said on Thursday.

"The median existing-home sales price in March rose by a record-breaking annual pace of 17.2 percent to a historic high of $329,100, with all regions posting double-digit price gains," NAR said in a statement. "The median existing-single-family home sales price jumped 18.4 percent to $334,500, both historic highs."

NAR said sales were up 12.3 percent year-on-year to reach 6.01 million units in March, though on a monthly basis, they declined 3.7 percent from February.

"Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market," NAR Chief Economist Lawrence Yun said. "The sales for March would have been measurably higher, had there been more inventory.

Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising."

According to the NAR data, properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. Eighty-three percent of the homes sold in March 2021 were on the market for less than a month.

Yun said mortgage rates have increased but were still at favorable levels and the economic outlook was promising.

"At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector," he added.

The existing home sales numbers follow last week's positive homebuilding data, which, according to the Commerce Department, grew by 19 percent more in March than February and 37 percent higher from a year ago.