The housing market in March, rallied following the restrained results in February. Compared to a year ago, the market was up double digits for number of houses sold, total dollar volume and average selling price. The first quarter ended setting record numbers for year-to-date, total dollar volume and both year-to-date, average and median selling prices in our year-over-year comparison since 2006. This is a significant since 2016 surpassed previous housing market results and became the new peak year.
Fueling part of housing market’s rise is the very low inventory of houses for sale. At the end of March there were just 1,646 houses for sale compared to 1,991 houses in March 2016. This was a 17 percent drop in one year. At the end of March we had 5.4-months supply of houses for sale going into the peak selling season. Last year at the end of the quarter there was a 7.1-months supply. To give a perspective of how far the market inventory has fallen, in March 2010 there was 14.7-months supply of houses for sale.