The number of homes for sale and the amount of time they’d typically been on the market both increased in March, “welcome signs” for spring buyers, realtor.com reported today.
The number of homes listed for sale on realtor.com rose 5.3 percent from February to March and 9.5 percent from a year ago, to 1.84 million.
In addition to enjoying a wider selection of homes, buyers also now appear to have more breathing room. The median age of inventory was up 22.9 percent from a year ago, to 102 days, down 10.5 percent from February.
The larger amount of inventory and slower selling times could make homes more affordable in some markets and reduce the frequency of bidding wars, realtor.com said.
“While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring,” said Steve Berkowitz, CEO of realtor.com operator Move, in a statement.
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