MARKET STATS FOR March 2023 Year over Year Comparison

New Listings were down 15.8 percent for single family homes and 10.0 percent

for townhouse-condo properties.

Under Contracts decreased 14.2 percent for single family homes and 12.9 percent for townhouse-condo properties.

The Median Sales Price was down 6.5 percent to $645,000 for single-family homes and 4.4 percent to $406,750 for townhouse-condo properties.

Days on Market increased 280.0 percent for single family homes and 161.5 percent for

townhouse-condo properties.

Monthly sales might have been even higher if not for limited inventory nationwide.  At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market.

Inventory remains suppressed in part because of mortgage interest rates, which nearly 

hit 7% before falling again in recent weeks. 

Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

  CLICK ON THE THUMBNAIL GRAPHIC ABOVE LEFT FOR THE FULL FEBRUARY REPORT 

                  Current as of April 5, 2023. All data from REcolorado® and IRES®. 

                                             Report © 2023 ShowingTime.