Strong March Home Sales, Low Inventory Means Tougher Market for Buyers | April 2017 National Housing Report

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.

Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases.

Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.

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