The number of unsold homes on the market in March rose 5.9 percent from February to 1.98 million units. Supply was, however, down 1.5 percent from a year ago.
At March’s sales pace, it would take 4.5 months to clear the stock of houses on the market, up from 4.4 months in February. A six-month supply is viewed as a healthy balance between supply and demand.
Despite the improvement in supply, the median house price increased 5.7 percent from a year ago to $222,700 last month.
The rise in gardening house prices is outstripping wage gains. While that could make home purchasing expensive for first-time buyers, it is boosting equity for details for your garden homeowners, which could encourage them to put their homes on the market.
Last energy month, the share of first-time buyers was 30 percent, unchanged from both February and a year ago.