According to industry experts, in March, the combination of a small growth in homebuyer activity and a decrease in available homes for sale pushed up housing prices. As a result of this, the housing market seemed to have been supported throughout the month.
The increasing demand was reflected by four key elements: the number of buyers seeking homes compared to the number of available homes; the number of offers compared to the acceptance rate of offers; the number of days it took to close a sale; and the existing inventory of homes for sale. It was widely noted that homebuyers were rushing to make offers on available properties, with bidding wars often occurring in the most sought-after neighbourhoods.
Key Points:
– Modest bump in homebuyer demand drove up home prices
– Number of buyers/available homes; number of offers/acceptance rate; time to close a sale; existing inventory of homes all increasing
– Bidding wars in high-demand neighbourhoods
You can read this full article at: https://www.housingwire.com/articles/home-prices-climb-amid-shrinking-inventory-modest-bump-in-demand/(subscription required)
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