If you were eagerly awaiting the release of March’s home sale stats you were probably disappointed to see another decline in sales of existing homes. Look closley though and you’ll find a few glimmers of hope. Inventory is declining, first time home buyers are shopping and home prices ticked upward!
Yes, nationwide home sales fell by 3% in March. However, of the buyers out there, some 53% were first time home buyers. That’s great news if you your home value is around the $200,000 mark because that is the price range that is selling. With lower interest rates and the first time home buyer tax incentive, first time home buyers are out in full force scooping up the deals. Now is a great time to sell if you have an entry level home.
Inventory declined a bit in March by 1.6% which is also good news for home sellers. The fewer the homes on the market, the less competition you have.
And the last bit of good news hidden amidst all of the gloom and doom? Prices actually ticked up 4.2% in March. The national medium sales price is now $175,200, up from $168,200.
