Despite continued strong demand, the 67% YOY decline in inventory is restricting sales and driving up prices. The shortage of available listings is most prevalent in the entry price ranges. Under-$250k YTD sales (through March 9th) are down 23%. Sales in the $250-$500k range are up 15% and price per square foot for those sales rose 18%. Over-$500k sales jumped 56% compared to last year, but values in the upper price ranges have been flat. The slow arrival of new listings is causing a decline in new pendings. Expect inventory shortages to fuel buyer competition and rising prices.
|YTD Vol (million)||$107.5||$113.3||$137.5||21%|
< 1 minute The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited [...]
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