Slow Start to Spring Buying Season in March as Inventory Pressures Persist

For the month of March 2024, 234,838 net new listings were placed on the market which represents a 4.4% decrease versus March 2023.  Over the last 52 weeks there have been 2,534,339 net new listings placed on the market. This represents a 12.4% decrease versus the year prior.  Broken out by price bins, the $0-$200k bin has accounted for 13.2% of net new listings over the last 52 weeks, the $200k-$400k bin at 38.6% of net new listings, the $400k-$600k bin at 23.7% of net new listings, the $600k-$1m bin at 16.1% of net new listings, and the $1m+ bin at 8.4% of net new listings. 

The total volume of net new listings over the last 52 weeks for the $0-$200k, $200k-$400k, $400k-$600k, $600k-$1m, and $1m+ price bins are down 16.6%, 13.4%, 13.4%, 9.4% and 2.1% compared to the year prior.  For the month of March 2024 net new listing volume for the $0-$200k, $200k-$400k and $400k-$600k price bins are down 7.4%, 11.4% and 6.5%, respectively, while the $600k-$1m and $1m+ price bin is up 3.8% and 19.7%, respectively, compared to March 2023.

For the month of March 2024 there were 275,260 listings that went under contract nationwide which is a 3.2% increase versus March 2023.  Over the last 52 weeks, 2,583,740 properties have gone into contract.  This represents a 9.8% decrease versus the year prior.  Broken out by price bins, the $0-$200k bin has accounted for 13.8% of total contract volume over the last 52 weeks, the $200k-$400k bin at 39.1% of total contract volume, the $400k-$600k bin at 23.6% of total contract volume, the $600k-$1m bin at 15.7% of total contract volume, and the $1m+ bin at 7.8% of total contract volume.

The total volume of listings going into contract over the last 52 weeks for the $0-$200k, $200k-$400k, $400k-$600k, $600k-$1m and $1m+ price bins are down 14.6%, 10.1%, 9.9%, 7.7% and 2.4% compared to the year prior. For the month of March 2024, contract volume for the $0-$200k, $400k-$600k, $600k-$1m and $1m+ price bins are up 3.9%, 2.9%, 6.1% and 19.1%, respectively, while the $200k-$400k price bins is down 0.9%, compared to March 2023. 

For the week ending March 22nd 2024, the median price of all single-family listings in the US was $441,608 and the median closed price was $413,998.  On a year-over-year basis, the median price of all single-family listings is up 3.2% and the median price of closed listings is up 6.8%.  Month-over-month, the median price of single-family listings is up 2.5% and the median price of closed listings is up 3.4%.

For the week ending March 22nd 2024, the median price of all single-family rental listings in the US was $2,574. On a year-over-year basis, the median price of all single-family rental listings is up 3.6%. Month-over-month, the median price of single-family rental listings is up 2.0%.

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