Percent changes calculated using year-over-year comparisons. New Listings were up 11.0 percent for single family homes and 0.5 percent for townhouse-condo properties. Under Contracts decreased 3.3 percent for single family homes and 9.8 percent for townhouse-condo properties.
The Median Sales Price was up 17.6 percent to $635,000 for single family homes and 20.3 percent to $426,000 for townhouse-condo properties. Days on Market decreased 28.6 percent for single family homes and 50.0 percent for townhouse-condo properties.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.