Home Sales Stats are a great way to track the changes in the real estate market. In March 2024, we saw the price of homes increase while inventory continued low. The limited inventory has contributed to a decrease in annual home sales. The bright spot however is that new home sales are increasing.
Home Sales Stats March 2024
On April 18, 2024, National Association of Realtors® (NAR) reported that nationwide median home value price was $393,500 in March of 2024 higher 4.8% from the price of $375,300 in March of 2023.
Single family home sales were at annual rate of 3.8 million units in March of 2024 declined 4.3% from the annual rate of 3.97 million home sales in February of 2024, and down 2.8% from home sales in March of 2023. The median single family home price was $397,200 in March of 2024, increased 4.7% from March of 2023.
Condominium and co-op sales dropped 4.9% to an annual rate of 390,000 units in March of 2024 from February of 2024, and fell 11.4% from March of 2023. Median existing condo price was $357,300 in March of 2024, increased 5.8% from price of $337,900 in March of 2023.
Distressed homes sales were 2.0% in March of 2024 same as from 2.0% in February of 2024, and unchanged from 2.0% in March of 2023.
Lawrence Yun, NAR chief economist, stated “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”
For more complete information, on NAR’s March of 2024 home sales stats, please click HERE
New Home Sales Stats March 2024
On April 23, 2024, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau reported nationwide new single family home sales gained 8.8% to an annual rate of 693,000 homes in March of 2024 from 637,000 homes in February of 2024, increased 8.3% from in March of 2023 an annual rate of 640,000 homes.
The median new home sold value was $430,700, while the average sales price was $524,80000 in March of 2024.
There were estimated 477,000 new houses for sale, and 8.3 months supplies of available inventory at the end of March of 2024.
For complete more detailed information about HUD and U.S. Census Bureau report of new home sales March of 2024, please click HERE
