The seasonal surge in home sales combined with another drop in listings to further drive up prices in March, Redfin observed in its latest Real-Time Price Tracker.
According to the brokerage, home sales rose 25 percent month-over-month in March, reflecting the normal spring spike that occurs every year. On a year-over-year basis, however, sales were up just 0.9 percent—the smallest gain in 14 months.
Ten of the 19 markets tracked by Redfin saw sales increase year-over-year, one fewer than February. All 19 markets posted month-over-month improvements.
Home prices also saw a nice boost, growing 6.2 percent from February and 15 percent from March 2012. Eighteen of the 19 markets measured reported monthly and yearly increases, with Long Island being the only exception. Read more ....
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