Housing Market for March

Housing Market Snapshot for March

  • Days on the market: Properties typically stayed on the market for a shorter time in March – 52 days versus 62 days in February. Short sales in March were on the market the longest, at a median of 165 days in March; foreclosures sold in 56 days; and non-distressed homes averaged 51 days. Forty percent of homes sold in March were on the market for less than a month.
  • All-cash sales represented 24 percent of transactions in March, down from 33 percent a year ago. Individual investors, who account for many cash sales, purchased 14 percent of homes in March, a drop from 17 percent in March 2014.
  • Distressed sales accounted for 10 percent of sales in March, down from 14 percent a year ago. Foreclosures sold for an average discount of 16 percent below market value in March, while short sales were discounted 16 percent.

Data By Region

  • Northeast: Existing-home sales rose 6.9 percent in March to an annual rate of 620,000, and are 1.6 percent above a year ago. Median price: $240,500, 1.6 percent below a year ago
  • Midwest: Existing-home sales jumped 10.1 percent to an annual rate of 1.2 million, and are now 12.1 percent above a year ago. Median price: $163,600, up 9.7 percent from a year ago
  • South: Existing-home sales climbed 3.8 percent to an annual rate of 2.19 million, and are now 11.7 percent above March 2014. Median price: $187,900, up 9.3 percent from a year ago
  • West: Existing-home sales rose 6.3 percent to an annual rate of 1.18 million, and are now 11.3 percent above a year ago. Median price: $305,000, which is 8.3 percent above year-ago levels

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Before going into real estate in 2001, I worked in the medical field. Found it very rewarding helping others and decided to make a switch and help those, who want to achieve the "American Dream". As a homeowner, I know the importance of home ownership and nothing gives me more pleasure than to place those keys into the hands of a new homeowner. I look forward to helping you, with all your real estate needs.

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