Existing Home Sales Slid in March
Existing Home Sales Slid in March
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According to the National Association of Realtors existing home sales slid in March 2023.
Key Highlights
- Existing-home sales retreated 2.4% in March to a seasonally adjusted annual rate of 4.44 million. Sales declined 22.0% from one year ago.
- The median existing-home sales price dipped 0.9% from the previous year to $375,700.
- The inventory of unsold existing homes rose 1.0% from the prior month to 980,000 at the end of March, or the equivalent of 2.6 months’ supply at the current monthly sales pace.
Locally (and real estate is always local)
The Realty Alliance of Greater Cincinnati released the following: “New listings are down 19 percent from this time last year. True to the theory of supply and demand, prices have increased. We are still in what we call a “seller’s market,” with the median home price up three percent to $258,500,” said Anne Uchtman, president of the REALTOR® Alliance of Greater Cincinnati. “It is undoubtedly an excellent time to sell, but this makes it a very difficult market for buyers. Especially in price points under the $350,000 mark, we continue to see sometimes 20 offers on a single property with bids well over the asking price.
This will likely continue for the next several months. We need more listings to stabilize this market.”
Other highlights include:
- Active inventory was 1,315 which is up 10.2% from February 2023 and is up 33.5% from a year ago.
- Units sold are 1504 for March, up 45.2% compared to 24.8% in February, but down 15.2% from the same month the prior year.
- The median sales price was $258,500 in March 2023 is up 2.3% from February.
- Median days on the market is 3, up 50.0% from March 2022, but down 25.0% from February 2023.
- New listings were 1,860 a 43.5% increase from February 2023, but down 19.3% from March 2022.
