A Healthier Market is a Welcome Sight for Spring Home Buyers
Realtor.com has recently released its National Housing Trend Report for March. This report gives some great insight for those looking to buy their home in the upcoming spring months. According to the report, the real estate market is much healthier this year with more inventory and modest price increases.
The statistics show a 9.5 percent growth over March of 2013 with 1,841,844 units at a median price of $199,900. 2013 showed an imbalance with a shorted supply and a heavy increase in home prices. Steve Berkowitz, CEO of Move, stated “Bidding wars in many markets last year frequently elevated offer prices beyond the reach of first time buyers who could scarcely save for the down payment. While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring.”
This increase in inventory is a great sign for first time homebuyers and those looking into larger houses. Buyer traffic also looks to be making a comeback with contract signings stable over the past few months.