According to the report, existing home sales dropped slightly in March, but remained close to an all-time high.
The data in the NAR report showed that existing home sales declined 3.7 percent from February of 2017 to March of 2017. This is the second consecutive month of a decrease in existing home sales; however, despite these decreases, home sales remain higher than they were during the same time period last year. Additionally, the median sales price for existing homes saw a 5.8 percent increase in March, compared with the same month a year earlier. The median existing-home price was $236,400, the report found.
In addition, the NAR reported that the median days on market for all existing homes dropped to 30 days in March 2017, compared with 37 days for the same month a year prior. This shows that homes are now staying on the market for a shorter amount of time than they have in the past. On the other hand, first-time home buyers still remain low, accounting for only 32 percent of total home sales in March.
The NAR's report of existing home sales for March 2017 provides insight into the current status of the housing market and trends that have been developing over the past few months. Despite a slight decrease in existing home sales, they remain higher than in the same time frame last year. Additionally, the median sales price for existing homes rose by 5.8 percent year-over-year, and the median days on market decreased significantly compared with a year ago. Although first-time home buyers remain the minority in the market, the NAR report provides evidence of a healthier housing market overall.
In summary, the NAR’s report of existing home sales for March 2017 revealed encouraging signs of a healthy housing market. Existing home sales dropped slightly from February to March of 2017 yet remained higher than they were at the same time in 2016. Moreover, the median sales price for existing homes increased by 5.8 percent, and the median days on market dropped from 37 days to 30 days year-over-year. Although first-time buyers remain the minority in the market, the report is encouraging as it shows a healthier housing market overall.
This article was contributed on Oct 29, 2023