Sales activity in March came in pretty much as expected. In February we had projected 1,400 fewer sales year-over-year and an uptick in the median home price. Year-over-year sales volume in March was down 17.7% with 1,441 fewer sales than the previous year. The decline in sales volume exists almost entirely in homes purchased for less than $200,000, clearly demonstrating the decline in investor activity in our market and the challenges faced by entry-level buyers. The median priced home in March was 3.9% higher than February rising from $180,000 to $187,000. Last month we anticipated a 2.3% increase in the median sales price with the caveat this increase in value should not be viewed as an indication of price appreciation, but is most likely attributed to seasonal factors. Continue reading and see the graphs – ARMLS Stats for April 9, 2014
