As home sales jumped and contracts for sales in months ahead showed gains, too, new listings didn’t keep pace. The seller’s market is driving prices higher, and it’s making it tough for would-be homebuyers to even find a new home to consider.
The median sale price for the month was $250,000, an increase of 15.9 percent compared with a year earlier and up 3.3 percent from February. March did bring more new listings on the market, but only slightly. The 3,002 newly listed properties represent just a 4 percent increase compared with a year earlier. A 3.2 month supply will exist if sales continue at March’s clip. That’s the lowest since June 2006, when the bubble was nearing its peak and the supply was 2.6 months.
Six months of supply is considered a balanced market. A reading of less than six months indicates a seller’s market, where demand outpaces supply.
-Elliot Njus, The Oregonian