The median sales price of homes in the 53 metro areas covered by RE/MAX‘s National Housing Report rose 4.5% month over month in March to $303,000, marking the first time in the 13-year history of the report that it topped $300,000.
In Houston, the median sales price rose 4.7% between February and March to $288,000.
“It’s been a full year since COVID impacted the market. Since then, demand for housing has soared as more of us continue to work from home and find we need more space,” Kristen Jones, Broker/Owner of RE/MAX Around Atlanta said. “Meanwhile, inventory continues to decline, as many potential sellers have put their moving plans on hold.”
National housing inventory hit a new low for the ninth consecutive month and was down 45.2% year over year, while the average month’s supply of inventory also set a record, of 1.1 months. There was a 1.1 month supply of inventory in Houston.
Nationally, home sales were brisk, with the average days on market of 38, just two more days than the record 36 days set in November 2020. In Houston, homes were on the market for an average of 45 days.
The overall average number of home sales was up 34.3% compared to February and 15% compared to March 2020. In Houston, home sales rose 53.8% month over month and 23.9% year over to 9,606.
“New listings are coming onto the market, but because houses are selling so fast, the inventory total can’t keep pace.,” RE/MAX Holdings Inc. CEO Adam Contos said. “The result is a constantly thinner range of options for buyers to consider. In many markets, buyers have to race to make an offer – often over listing price – to get the house they want, and that competition creates an attractive environment for sellers.