SEATTLE – U.S. home prices rose 7.5% to a median sale price of $273,000 in March as home sales made a strong showing, up 8.9% over last year, according to Redfin.
The number of homes for sale fell 13% compared to last March, marking the 18th consecutive month of annual supply declines. Meanwhile, 2017 remains on track to be the fastest housing market on record. The typical home that sold last month went under contract in just 49 days, making it the fastest March Redfin has recorded since 2010. A year earlier, the median time on market was 60 days.
Nearly one in five (19.1%) homes that sold in March went under contract within two weeks, and 21.7% of homes sold for more than their list price.
Denver, Colo., and Seattle, Wash., were the fastest markets, where the typical home was under contract in just eight days. Oakland and San Jose, Calif., were the next fastest markets with 13 and 14 median days on the market respectively.
The most competitive market in March was San Jose, Calif., where 69.6% of homes sold above the asking price, followed by 66.7% in San Francisco, Calif., 65.9% in Oakland, Calif., 56.6% in Seattle, Wash., and 44.4% in Tacoma, Wash.
Grand Rapids, Mich., had the nation’s highest price growth, rising 16.3% since last year to $162,750. Orlando, Fla., had the second highest at 15.5% year-over-year price growth, followed by Santa Rosa, Calif. (15.0%), Seattle, Wash. (14.5%), and Tampa, Fla. (14.3%).
Only four metros saw prices decline in March: Birmingham, Ala. (-3.2%), Baton Rouge, La. (-2.8%), Durham, N.C. (-1.7%), and San Antonio, Texas (-1.5%).
Additionally, 32 out of 90 metros saw sales increase by double digits from last year. Poughkeepsie, N.Y., led the nation in year-over-year sales growth, up 41%, followed by Baltimore, Md., up 40.6%. Camden, N.J., rounded out the top three with sales up 31.6% from a year ago. Home sales in Buffalo, N.Y., and Provo, Utah, declined by 23.0% and 14.8%, respectively.
Rochester, N.Y., had the largest inventory decline, falling 39.0% since last March. Buffalo, N.Y. (-34.5%), Rochester, N.H. (-33.2%), and Portsmouth, N.H. (-31.4%), also had far fewer homes available on the market than a year ago.
Fort Myers, Fla., had the highest increase in the number of homes for sale, up 32.4% year over year, followed by Knoxville, Tenn. (22.3%), and Austin, Texas (10.3%).