With the lowest level of inventory in nearly 40 years, the 2021 spring market has homebuyers facing a level of competition not seen in a generation.

A combination of a lack of inventory for low-priced homes, aggressive shopping among high-end homes and historically low interest rates led to a surge in the sales of single-family homes in March.

“A credit report and credit score are the gateway to a mortgage,” — NAR President Charlie Oppler.

The National Association of Home Builders published the results of its Special Study for Housing Economics, highlighting the 2020 annual census of who makes up its members.

Who had the 10 most expensive deals in the Houston area in March?

The data are skewed because it was at this time last year that the coronavirus pandemic forced the real estate business to go into lockdown until it was deemed an essential service.

“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift, but contracts are not clicking due to record-low inventory.” — NAR Chief Economist Lawrence Yun

The National Association of Realtors sends a message to members that it is working to ensure that the proposed Protecting the Right to Organize Act will not hurt their status as independent contractors.

Much of the year-over-year increase in home sales was supported by continued robust activity in the Southeast, which saw a 20.2% rise to an annual rate of 458,000 transactions.

The Houston Association of Realtors reports this month that despite the winter storm that left many without power, February home sales didn’t slow the sale of single-family homes in the metro area, making it the ninth straight month of improved sales. 

“Despite the drop in home sales for February — which I would attribute to historically-low inventory — the market is still outperforming pre-pandemic levels.” NAR Chief Economist Lawrence Yun

Eighty-eight percent of all homebuyers said they used an agent as a source of information during their search, and 91% of millennials age 22 to 30 said the same.

“More jobs are very likely, due to the near certain passage of the $1.9 trillion stimulus package and from two million vaccinations per day,” National Association of Realtors chief economist Lawrence Yun said in a release.

The stimulus bill includes aid for state and local governments, new homeowners, small businesses and renters.

The House of Representatives has approved the Equality Act, which establishes legal safeguards to prevent discrimination in housing based on sexual orientation.

The all-time high for January comes as limited supply cut pending transactions on a monthly basis, the association said.