Real Estate News

Latest stats show good sales for spring

Published: 17 Apr 2017

As spring has now begun, we can assess whether or not the much-anticipated housing sales growth will happen. Judging solely by news from Redfin, the immediate outlook appears to be positive, with the second quarter of 2017 representing a return to the highs of two years ago.

In its latest list of sales figures the company tracked multiple trends, including the National Median Sales Price. This figure rose 7.5 percent from the previous year this March, as the dollar amount itself reached $273,000.

It was the highest growth measure for any March median since 2014, when it jumped up by 9.6 percent. March 2017 also reportedly saw 243,800 homes sold and 346,700 new listings appear on the market. On the other hand, the national median number of days for a home to be available for sale dropped this March to 49, compared to the average of 60 during March 2016.

Other industry members have released important information about recent trends. RE/MAX released a statement on its National Housing Report for this time, with the CEO and Co-Founder, David Linger, explaining the trends behind the data for February, noting that the average amount of time spent on the market dropped by 7 days between 2016 and 2017 for this month.

"Inventory, not the rise in interest rates, remains the principal constraint on home sales," Linger said. "The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it's good to see housing starts trending upward, we still need more."

Among other things, the release said that more than half of the 53 metro areas surveyed for the 2017 report grew their amount of sales in the span of a year.