Previously owned US homes have bigger price tags than new ones
In March, median existing-home sales price hit record high of $329,100
Older homes are boasting higher price tags compared to new ones, according to new data.
In March, the median existing-home sales price rose to a record high of $329,100 with each region "posting double-digit gains," according to the National Association of Realtors (NAR).
The median home sales price of existing single-family homes also increased, hitting a historic high of $334,500, according to NAR.
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Comparatively, the median sales price of new houses was about $330,800, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Although the four major U.S. regions saw a month-over-month decline in home sales, the four regions did experience year-over-year gains, with sales increasing about 12.3% since last March, according to the NAR.
"Sold" signs sit on a lot as new home construction continues in a new neighborhood in Northbrook, Ill., Sunday, March 21, 2021. (AP Photo/Nam Y. Huh)
However, experts say the higher price tags haven't deterred potential homebuyers.
"Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market," said NAR chief economist Lawrence Yun.
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At the same time, however, inventory is still near historic lows.
By the end of March, housing inventory totaled 1.07 million units, a 3.2% increase from February's inventory but still below inventory levels a year ago when there were 1.49 million units.
Unsold inventory, however, "is at a 2.1-month supply at the current sales pace," which is "down from the 3.3-month supply recorded in March 2020," according to the association, which began tracking the supply of single-family homes in 1982.
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