Sales rose 5.0% from February for condos and co-ops and 4.3% for single-family homes. On a year-ago basis, sales were up 6.1% for single-family homes and 5.0% for condos and co-ops. Prices were up 8.0% for condos and co-ops and 6.6% for single-family homes.
Inventory continues to be the big story right now. In March, inventories jumped 5.8%, the third straight monthly increase and the most in a year. However, sales rose almost as fast, keeping the month’s supply at 3.8. The 12-month moving average fell further to just 4.2 months, down significantly from a couple years ago. One big reason that inventories are so low is that some people who bought homes at the peak of the bubble in 2006 still have not recuperated all of their losses. What homes do get listed are often scooped up quickly, and sellers are getting multiple offers that in some cases are above the asking price. This suggests a market top in prices may be near as buyers will likely not overbid for homes for too long.