This is a direct quote from NAR (Nation Association of Realtors):
Existing-home sales took off in March to their highest pace in over 10 years, and severe supply shortages resulted in the typical home coming off the market significantly faster than in February and a year ago, according to the National Association of Realtors®. Only the West saw a decline in sales activity in March.
Ummm, YES. Buyer clients and I can attest to that! This spring in general has been frustrating. Homes are getting offers in first day on the market, it’s crazy! I should preface this with under the $250,000 price point – homes are snatched up in a blink of an eye. My buyers are putting in ABOVE PRICE offers, with NO HOME SALE CONTINGENCY and we’re getting outbid.
According to Lawrence Yun, who is NAR’s chief economist, “existing sales roared back in March and were led by hefty gains in the Northeast and Midwest. The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month, although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”
I’m very interested in seeing what the next few months brings to home sellers and home buyers.