Realtor.com released its National Housing Trend Report, which cited year-over-year growth in inventory and days on the market as welcome signs for spring home buyers. The number of homes for sale rose 9.5 percent in March from a year earlier. Median list prices for homes rose as well, with the average price for a home jumping 5-point 3 percent to roughly $200,000. The real estate website believes that the market is going to be more balanced in 2013, when low inventory led to double-digit home price increases.
Data from realtor.com found that from March 2013, home inventory levels have risen over the year, settling on approximately 1.8 million units for sale, a year-over year increase in inventory of 9.5 percent. Added inventory may mean more affordable prices in many markets for first-time and move-up buyers, according to the report. Homes were on the market an average of 102 days, a year-over-year increase of 22.9 percent, but a month-over-month decline of 10.5 percent.
Reports from the Federal Reserve's Beige Book found 12 districts indicated economic activity has increased in most regions across the country since the end of February, as unusually harsh winter weather came to an end. The Fed's latest release noted that eight districts characterized their economic expansion from March to April as modest or moderate, while Chicago reported a pickup in growth. Cleveland and St. Louis were the exceptions, each experiencing a decline in economic activity.