Press release
Realtor.com® March Housing Report: Home Prices Hit $405,000 For the First Time Ever
Inventory is predicted to hit positive territory year-over-year in June or July and provide some much needed relief for buyers who can afford to persist in
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[{"type":"text","content":"Inventory is predicted to hit positive territory year-over-year in June or July and provide some much needed relief for buyers who can afford to persist in their search for a home\nSANTA CLARA, Calif., March 31, 2022 /PRNewswire/ -- Home prices hit $405,000 for the first time ever in March, but data reveals there is some hope on the horizon for pandemic-era buyers. With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com® Monthly Housing Trends Report released today.\n\"Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market,\" said Danielle Hale, Chief Economist for Realtor.com®. \"Buyer demand is moderating in the face of high costs, and we're beginning to see more homeowners take price cuts on their listings and overall inventory declines lessen in response. Assuming all these factors and new construction hold steady, we could begin to see inventory increases this summer – welcome news for buyers who have endured pandemic home shopping and can continue their journey despite higher buying costs. For buyers currently in the market, there's good reason to aim to find a home before interest rates increase further. But if it takes longer than a few months, don't give up hope, as there may be more to choose from in the summer months.\"\nMarch 2022 Housing Metrics – National\n Metric\n Change over March 2021\n Change over March 2020\n Median Listing Price\n13.5% (to $405,000)\n26.5%\n Active Listings\n-18.9%\n-62.3%\n New listings\n-3.4%\n-11.1%\n Median Days on Market\n-11 (to 38 days)\n-21\nHome prices hit $405,000 with an increase in price reductions\nThe median U.S. listing price grew to a new all-time high of $405,000 in March as prices rose 13.5% year-over-year, faster than is typical for this time of year, and about the same annual growth rate as last month. At the same time, data shows the beginnings of softening demand and sellers responding to it. The share of homes having their price reduced increased slightly from 5.8% last March to 6.0% this year, but still remains 9 percentage points below typical 2017 to 2019 levels. Twenty-five of the largest 50 metros saw an increasing share of pric...