The impact of two long years of declining numbers of homes available for sale is readily apparent as this year’s go-go spring buying season gets started in earnest. The proof: A crowd of home buyers—including many who’ve missed out in previous seasons—is driving prices to record heights, according to a preliminary analysis of realtor.com® data for the month.
Talk about March madness!
“Never in history have there been more eyes on fewer homes than today,” said Javier Vivas, director of economic research at realtor.com. “The price gains observed in the last days of March tell us the market is on pace to see half of the homes listed above $300,000 this summer. This means buyers are not just having to pay more for the same home—they’re also seeing the mix of what’s available change more rapidly.”