Extreme volatility and uncertainty dominated political and economic conditions over the past month, causing enormous swings in financial markets. Consumer confidence plunged and mortgage interest rates rose. Year-over-year, monthly median home prices were up and the average number of offers received on homes sold was down. 57% of homes sold in under 1 month and 21% closed for over asking price. Price reductions on active listings surged.
Moving into the spring selling season, both listing and sales activity increased significantly, as is the normal seasonal trend. The balance between supply and demand continues to be affected by the increased inventory of listings on the market.
March National Real Estate Insights
March 2025 National Real Estate Report
Inflation ticked down, the Fed again kept its benchmark rate unchanged, interest rates stayed well below 7%, and consumer confidence continued to fall across all population segments. Stock markets saw substantial declines, and then some recovery toward the end of the month. Generally, the broader market is more affected by interest rates and affordability, while the luxury market is influenced by the stock market and household wealth.
Year-over-year, monthly median home prices were up over 3%, 50% of homes sold in less than a month, and 21% closed for over asking price. All-cash sales rose to 32%, and first-time buyer sales rose to 31%. 24% of buyers waived their inspection and appraisal contingencies. The number of new listings rose 8% from January, and 4% YOY. It can be expected to climb through May or June.
Much of February still reflects the late-winter market; March is typically when the spring selling season really begins!
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