Posted on 23 Apr 2019
by Michael Hyman, Research Data Specialist
NAR released a summary of existing-home sales data showing that housing market activity this March, fell 4.9 percent from February 2019. Despite February’s gains, sales of existing-homes dropped 5.4 percent from March 2018. March’s existing-home sales reached a 5.21 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $259,400 in March, up 3.8 percent from a year ago. This marks the 85th consecutive month of year-over-year gains.
Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 4.6 percent followed by the West with a gain of 3.1 percent. The Northeast had an increase of 2.5 percent followed by the South with an incline of 2.4 from March 2018.
March’s inventory figures are up from last month 3.1 percent to 1.68 million homes for sale. Compared with March of 2018, there was a 3.2 percent increase in inventory levels. It will take 3.9 months to move the current level of inventory at the current sales pace. It takes approximately 36 days for a home to go from listing to a contract in the current housing market, up from 30 days a year ago.
From February 2019, all four regions showed declines in sales. The West had the biggest dip in sales at 7.9 percent followed by the West with a decline of 6.0 percent. The South fell 3.4 percent followed by the Northeast with the smallest drop of 2.9 percent.
All four regions showed declines in sales from a year ago. The West had the biggest drop in sales of 10.7 percent followed by the Midwest with a decline of 8.6 percent. The South fell 2.1 percent followed by the Northeast dip of 1.5 percent. The South led all regions in percentage of national sales, accounting for 43.8 percent of the total, while the Northeast had the smallest share at 12.9 percent.
In March, single-family sales were down 4.9 percent and condominiums sales were down 5.3 to last month. Single-family home sales fell 4.7 percent and condominium sales were down 11.5 compared to a year ago. Single-family homes had an increase in price up 3.8 percent at $261,100 and condominiums rose 3.6 percent at $244,400 from March 2018.
Allan was fantastic! He is extremely knowledgeable and was always prompt and responsive to all questions and requests we sent his way. In addition, Allan was very pleasant to work with and we would recommend him to anyone and everyoneNoelle & Max
Highly recommend Allan for both purchase and rental needs. Very high level of competence, attention to detail and strong knowledge of the market. Integrity and follow-thru are beyond reproach. Allan really takes the time to understand specific needs of his clients and tailors his approach accordingly. One of the very best realtors I've worked with in over 15 real estate transactionsErik Stone
I am so fortunate to have worked with Allan in my first home purchase. I could not have asked for a better realtor and now friend, to help me through this process. Being 26, with my family in NJ, and living in Raleigh buying my first house, is a big deal and can be very stressful, but I never felt alone through it. Allan was ALWAYS available/accessible and responded to every question/concern I had right away (and I had a lot of questions lol), and he still continues to check in with me and helping if I have any questions! He always went above and beyond for me by providing outside vendors for me to contact, or speaking to the Loan officers on my behalf when they make a mistake etc. Overall I am so grateful to Allan and would recommend him to anyone who needed help buying/selling a house. When it comes time for me to upgrade and move to a larger place, I definitely know who I will be calling! :) Thanks again Allan, you're seriously the best!Samantha Prager
Allan is a very dedicated, knowledgeable, hard working and professional real estate agent. He listed and sold our home within a 2 week time period . He also helped us find another home to buy and move into within a very short time period. Allan is very easy to work with and pays great attention to details. He looked out for our best interest and went way beyond what we expected of a real estate agent. We highly recommend him to anyone looking to buy or sell a home. He is by far the best real estate agent we have ever worked with .Larry & Diane Britton