Market Pulse – April 12

Tri-Cities area home prices made another double-digit increase in March. The average residential resale price of $229,499 was 23.2% higher than last year. That’s good news for sellers and not-so-good news for buyers.

March’s active listings fell 56.1% and dropped below 1,000 for the first time in the region monitored by NETAR’s Home Sales Report. That’s pushing potential buyers to bring their best offer as quickly as possible. It’s also making it more challenging for first-time buyers and other price-conscious buyers to navigate the current market landscape.

However, the steady price increases and upward trend for mortgage rates didn’t suppress sales. They increased by 32.7%. And homes are selling at their fastest-ever pace. The median time on the market for a March closing was 61 days. That’s 25 days quicker than last year.

The outlook calls for market conditions much like those in March to continue through the prime house buying and selling season.