New monthly numbers are beginning to trickle in—and it looks like March was a doozy.
According to Redfin’s data set, last month was the hottest March on record, with homes selling at their fastest pace and for more above list price. And still, sales were down nationally.
Seasonally adjusted home sales fell 4 percent amid rising mortgage rates. Additionally, the median home-sale price was up 6.2 percent in March, the fastest month-over-month gain at this time of year since 2013, to an all-time high of $412,700.
Median sale prices increased year-over-year in all of the 88 largest metro areas Redfin tracks. The largest price increases were in Tampa (+29 percent), Phoenix (+27 percent) and McAllen, TX (+27 percent).
“Although pricey coastal markets began showing early signs of a slowdown in late March, nationwide sales data for the full month reflects the hottest March market on record, since homes that sold last month mostly went under contract in February,” said Redfin chief economist Daryl Fairweather. “We expect the combination of surging mortgage rates and record-high home prices to cause more homebuyers to drop out of the market. Unfortunately, homeowners are turning their back on the market too. Instead of being motivated to list before prices weaken, potential home sellers may be choosing to wait-out the impending market cooldown.”