Home Sales Surge, Prices Rise Amid ‘Severe Supply Shortages’
Sales of existing homes climbed locally and nationally and prices continued to rise, according to two new reports. In the US, home sales for March were the highest in more than 10 years, with “severe supply shortages” driving prices higher, according to an analysis released today by the National Association of Realtors (NAR).
North Phoenix Numbers
While NAR’s analysis looked at the national picture, March sales activity was also brisk in the NoPho region of North Phoenix, according to the latest monthly Real Estate Watch analysis by North Phoenix News and In&Out Magazine.
Sales of existing homes in NoPho jumped from 154 in February to 190 in March. Prices were up in three of the five zones, and inventory tightened in four of the zones. Details for each zone can be found here:
- New River & Desert Hills
- Anthem Parkside
- Anthem Country Club
- Tramonto & Sonoran Foothills Area
- Norterra Area
The National Picture
Nationally, existing home sales — including single-family homes, townhomes, condominiums and co-ops — rose 4.4 percent in March to a seasonally adjusted annual rate of 5.71 million, compared to 5.47 million in February. The March pace is 5.9 percent above that of March 2016 and the highest since February, 2007, NAR reported.
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The median price nationwide in March was $236,400, up 6.8 percent from a year ago. It was the 61st consecutive month of year-over-year increases. The average time on market — a measure of supply and demand — fell to just 34 days in March, from 45 days in February and 47 a year ago.
“Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does,” said Lawrence Yun, NAR chief economist.
March sales surged 10.1 percent in the Northeast and 9.2 percent in the Midwest.
Despite the busy month in North Phoenix, sales in western states overall dropped 1.6 percent, yet still remained 5.2 percent above a year ago. The median price in the West was $347,500, up 8.0 percent from March 2016.
