"Prices are continuing to rise and they're going to get higher. The same property today that's for sale is more expensive, and we're seeing more higher-end homes for sale." - Danielle Hale, chief economist for Realtor
As the Spring selling season picks up, list prices are soaring.
The median list prices for homes in the United States spiked to $300,000 in March for the first time ever, according to Realtor Magazine.
And even despite a slowing market, it’s likely that list prices will continue to grow, said Danielle Hale, chief economist for Realtor.
“Prices are continuing to rise and they’re going to get higher,” Hale said. “The same property today that’s for sale is more expensive, and we’re seeing more higher-end homes for sale.”
As list prices increase, Hale expects home inventories to continue to grow but at a slower pace than the previous few months. Freshly-listed properties on the market fell 0.4 percent compared to last year, which suggests that despite buyers having more options, the share of new properties for sale hasn’t increased, Realtor said.
The bump in listing prices is largely thanks to luxury homes. In general, the conventional “entry-level” home is disappearing. Homes $200,000 dropped 9 percent year-over-year, according to Realtor. On the high-end market, the inventory of homes above $750,000 jumped up 11 percent year over year.
According to Realtor, U.S. metros with the largest inventory increases in March were in very expensive West Coast Markets: San Jose, Calif. (up 114 percent); Seattle ( up 77 percent); and San Francisco (up 44 percent). Metros with the largest inventory decreases in March were: St. Louis (down 19 percent); Washington, D.C. (14 percent); and Oklahoma City (11 percent).
To read Realtor’s full report, click here.