If your buyer is struggling to sell a home, they are not alone. For every 10 homes sold last year, there are fewer than five today.
Home buyers this spring have 52% fewer homes to choose from than last year, and they are facing record prices, according to realtor.com®.
The national median list price in March rose to $ 370,000, a jump of 15.6% compared to a year ago and a record high, reports realtor.com®.
Due to high demand and low inventory, “home prices have skyrocketed, destroying previous records,” said Danielle Hale, chief economist at realtor.com®. “We expect to see more sellers appear in the coming weeks, which should give buyers more options. Homes are likely to continue to sell quickly, but rising interest rates and monthly costs could slow the pace of price gains unless we see an acceleration in demand from repeat buyers with rich values. “
List prices rose the most in March in Austin, Texas, by 39.8% annually; Buffalo, NY, up 28.3%; and Los Angeles, with 24.8%.
Home buyers seem to be in a hurry. They are trying to buy ahead of further increases in home prices and mortgage rates, which have exceeded their sub-3% averages over the past few weeks.
But finding a home was not easy. “In many parts of the country, there are half as many homes available for sale as a year ago – and in some markets that number is growing to less than a third,” says Hale.
The REALTORS® Country Association released its Expected Sales Index on Wednesday, which showed contract signings fell 10.6% in February, due to inventories rather than a buyer shortage.