According to a new report from Redfin, the Seattle-based, technology-powered real estate firm, it was the best March on record for the housing market. In March of 2022, homes were selling at their fastest pace and for more above their list price. The median home-sale price rose 6.2% in March, the fastest month-over-month gain at this time of year since 2013, to an all-time high of $412,700.
On the downside of the report, seasonally adjusted home sales fell -4% month-over-month and -8% year-over-year in March. This occurred as soaring mortgage rates and prices sidelined more buyers, whose options were severely limited due to a decline in homes being listed.
In a statement prepared to accompany the release of the report, Redfin’s Chief Economist, Daryl Fairweather, said, “Although pricey coastal markets began showing early signs of a slowdown in late March, nationwide sales data for the full month reflects the hottest March market on record, since homes that sold last month mostly went under contract in February. We expect the combination of surging mortgage rates and record-high home prices to cause more homebuyers to drop out of the market. Unfortunately, homeowners are turning their back on the market too. Instead of being motivated to list before prices weaken, potential home sellers may be choosing to wait-out the impending market cooldown.”
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Redfin Reports Home Sales Fell 4% in March as Buying Costs Shot Up