US Home Sales and Median Sales Price Soar Month-Over-Month in March 2022

On Monday (4-18-22), RE/MAX released its National Housing Report (NHR) for March 2022. According to the report, March homes sales jumped 32.3% month-over-month, while the median sales prices hit a new record high of $360,000 (16.7% higher year-over-year). These increases occurred as buyers continue to outnumber sellers.

Monthly available inventory, across the 51 analyzed metro areas covered by the report, fell to a new record low of 1.0 month. The previous record low for monthly supply of inventory was 1.2 months reported last May. In March of 2021, the month’s supply of inventory was 1.3 months. The number of homes for sale was down -21.1% from March 2021. The decline in active listings of -0.9% from February to March was the smallest recorded in eight months.

The report noted that March’s significant month-over-month growth in sales (32.2%) was in line with an average increase of 33.5% from February to March over the past five years. With March being considered the start of the traditional peak spring home-selling season, home sales typically produce the largest monthly increase in closings each year.

In a statement prepared to accompany the release of the NHR, Nick Bailey, President and CEO of REMAX, said:

“The market remains very active right now, especially on the demand-heavy buy side. You have buyers rushing to beat mortgage rate hikes as well as buyers ready to roll as soon as the right listing appears. Inventory remains the biggest concern for hopeful buyers, but with sellers watching homes get snapped up in record time, the idea of cashing in on their equity gain continues to have great appeal. If things heat up even more in the coming months, buyers may have more choices and purchasing power should additional sellers choose to join the action.”