March numbers are in—and with it are record home prices. While existing-home sales fell in March, marking two consecutive months of declines, the median home price was up in all regions tracked by the National Association of Realtors.
The median existing-home price for all housing types in March was $329,100, up 17.2 percent from March 2020 ($280,700), as prices increased in every region. March’s national price jump marks 109 straight months of year-over-year gains.
While each of the four major U.S. regions experienced month-over-month drops, all four areas welcomed year-over-year gains in home sales.
Total existing-home sales decreased 3.7 percent from February to a seasonally-adjusted annual rate of 6.01 million in March. Sales overall climbed year-over-year, up 12.3 percent from a year ago (5.35 million in March 2020).
“Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market,” said Lawrence Yun, NAR’s chief economist. “The sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”
The regional breakdowns for March 2021 are as follows:
Northeast: Existing home sales fell 1.3 percent, recording an annual rate of 760,000—a 16.9 percent increase from a year ago. The median price in the Northeast was $364,800, up 21.4 percent from March 2020.
Midwest: Existing home sales were down 2.3 percent to an annual rate of 1,280,000 in March—a 0.8 percent increase from a year ago. The median price in the Midwest was $248,200, a 13.5 percent increase from March 2020.
South: Existing home sales dropped 2.9 percent, recording an annual rate of 2,700,000 in March—up 15.9 percent from the same time one year ago. The median price in the South was $283,900, a 15.6 percent climb from a year ago.
West: Existing home sales were down 8.0 percent from the month prior, posting an annual rate of 1,270,000 in March—a 15.5 percent increase from a year ago. The median price in the West was $493,300, up 16.8 percent from March 2020.