What You Need to Know About the Latest Housing Numbers

housing statistics Patrick Parker RealtySpring finally broke through at the end of last month, bringing hope of both warmer weather and a housing market heating up for the spring season.

According to the most recent existing-home sales report from the National Association of Realtors, fewer homes sold this past March than in March 2013. The report also found the price of homes that sold last month was about eight percent higher than it was for homes that sold in March 2013. Throughout the country, the median price of homes that sold in March was $198,500.

The number of homes on the market last month may have played a role in the amount and price of sales. Inventory at the end of March rose almost five percent when compared to March 2013. Even though there were more homes for sale, the report found that those homes sold about seven days faster last month than they did in March 2013. The median time on market for homes sold in March dropped to 55 days, down from 62 in March 2013. In total, more than one in three (37 percent) homes that sold in March were on the market for less than a month.