Summary
Monthly Activity
April 1st inventory was down slightly from last month, but up 16% compared to a year ago. While March new pendings jumped up 44% from last month, they were down slightly from a year ago. Likewise, March closed sales were up 20% from the prior month but down 20% compared to a year ago.
An unexpected drop in interest rates provided a boost in activity, but while YTD average price and price per square foot are up slightly, closed sales are down a little more, leaving YTD closed volume 1% off last year’s pace.
Values are expected to rise at slower rates and be flat in upper price ranges. Demand remains strong, but a shortage of affordable move-in-ready homes continues to hinder buyers in the entry and mid-priced markets. Expect this year’s sales to lag behind last year, with volume nearly level due to increase in sales price.
