Existing-Home Sales March-On at Highest Pace in 10-Plus Years

Existing-home sales leaped to their highest pace in 10-plus years in March, reaching a robust level of activity not seen since February 2007, reports the National Association of REALTORS® (NAR).

Existing-home sales totaled 5.71 million last month, a 4.4 percent increase from February and 5.9 percent increase from one year prior. Inventory increased, as well, by 5.8 percent to 1.83 million—though still 6.6 percent below one year prior.

“The early returns so far, for this spring buying season, look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” says Lawrence Yun, chief economist at NAR. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March, for sales to muster a strong gain. Sales will go up as long as inventory does.”

Some real estate market analysts expect home prices to continue to rise, as much as 5%, over the next 12-months.

The Coastal Mendocino Association of Realtors reports:
Our local housing market confirms the high-paced leap Realtors are seeing nationwide.Homes sold in the Fort Bragg area, during the first quarter of 2017, saw a price increase of 24%, from the same period in 2016. An average price increase of $81,860.83, per home sold.

26 homes were sold in Fort Bragg in the first quarter of 2016, with an average price of $340,104.38. 23. In 2017, 23 homes sold, but the average price per home increased to $421,965.21.

The Mendocino market also saw an uptick in pricing, 10%, from first quarter 2016, to 1st quarter 2017.

16 homes were sold in the Mendocino area between January 1st to March 31st, 2016, with an average price of $666,468.75. For the same period in 2017, 15 homes were sold, with an average price increase of $63,347.91, bringing the median home price in Mendocino to, $729,816.66.