Highlights
- The March national median listing home price was over $400,000, an all-time high and an increase of 13.5% over March 2021 prices.
- Rising interest rates are moderating the demand for homes. As a result, mortgage applications are down 40% from March 2021.
- Home sellers are seeing a softening market. The share of homes for sale having a price reduction is up to 6% this year.
- The national inventory of active listings declined by 18.9% over March 2021, while the total inventory of unsold homes, including pending listings, declined by 12.5%.
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