According to new data from the National Association of Realtors, March was the strongest month for home sales since the housing crash that started back around 2008. The final tally of homes sold last month was recored at 5.71 million, which represents the highest total since all the way back in February of 2007 when 5.79 million homes were sold.
Last month’s sales volume was also up 4.4% compared to February’s total, and around 6% compared to March of 2016. In addition to more homes being sold, available inventory was also on the rise last month, increasing by 6% to 1.83 million available homes compared to the end of February.
Despite some relief in inventory, however, the number of available homes overall is still 7% lower than this same time last year, representing the 22nd straight month of year-over-year declines in supply.
Buying a home last month also turned out to be more expensive last month than in prior years, as the median home price for all housing types jumped 6.8% to $236,400 compared to March of 2016. That increase represents the 61st consecutive month that home prices have seen year-over-year gains.