But median sales price is still soaring despite the economic slowdown
Monthly growth in sales in March climbed by just 23.8%, marking the lowest increase in the report's 12-year history.
"As expected, the strong market of January and February continued into March, setting up a very good first quarter. But then the coronavirus and the initial mitigation measures arrived, disrupting our industry along with everything else," said RE/MAX Holdings CEO Adam Contos. "Conditions and restrictions vary throughout the country, so some areas continue to see new listings, pendings, and closings, while other markets have slowed dramatically – especially where real estate was not deemed an essential service. It's a fluid situation. We believe that interest in buying or selling remains high, and pent up demand in many places should drive sales higher over time."
Inventory levels remained tight amid healthy buyer interest, driving the price increases. The number of homes for sale in March saw a 14.9% year-over-year drop. Meanwhile, month-over-month supply of inventory was up 1.1%.
March also saw a record low 54 days on the market, down five days from the average in February.
"One takeaway that's already clear is that real estate agents, using technology and adhering to social distancing guidelines, can lead consumers through the buying or selling process in a largely virtual way. In many respects, the expertise of a skilled agent has never been more important," Contos said.
