Skip to navigation Skip to main content

March 2019 Housing Market Recap

FEATURED | April 23, 2019

March 2019 Housing Market Recap

The March 2019 Housing Market Recap reflects that existing home sales fell in March after a strong uptick the month before. All regions saw a drop in sales, with the Midwest taking the biggest hit, but prices continued their climb nationwide. The pace of sales was faster than it was in February, but slower than a year ago. Inventory continued its increase both month-over-month and year-over-year, trending positive for buyers.

March existing home sales fell 4.9 percent from February, and are down 5.4 percent compared to March 2018, according to the National Association of Realtors® (NAR) March Existing Home Sales Report, released April 22nd.

Inventory increased from February to March, and was up year-over-year. At the current sales pace, the supply of unsold inventory was 3.9 months, up from 3.6 months a year ago.

Home prices continued to increase year-over-year. The median price of existing homes sold in March was $259,400, an increase of 3.8 percent from March 2018 ($249,800). We’ve now reached 85 consecutive months of year-over-year increases. Put another way, that’s 7 years of price growth.

Days on the market (DOM) were down from February, moving from 44 to 36. A year ago, homes typically stayed on the market for 30 days, so while the sales pace increased month-over-month, it was slower year-over-year.

According to NAR chief economist Lawrence Yun, “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

Regions: Sales down across the country. The Midwest saw the greatest decrease in sales, dropping 7.9 percent. Comparing March to February, sales fell 6 percent in the West, 3.4 percent in the South, and 2.9 percent in the Northeast. The Midwest led year-over-year price increases at 4.6 percent, followed by the West at 3.1 percent, the Northeast at 2.5 percent, and the South at 2.4 percent. Columbus, OH snagged the top spot this month on the hottest metro areas list (measured by days on the market/listing views per property). The rest of the March Top 10 were Boston-Cambridge-Newton, MA-NH, Midland, TX, Sacramento-Roseville-Arden-Arcade, CA, Stockton-Lodi, CA, Colorado Springs, CO, Odessa, TX, Lafayette-West Lafayette, IN, San Francisco-Oakland-Hayward, CA, and Modesto, CA.

Inventory increase is good for buyers, but…. The uptick in inventory is a plus for buyers, but homes are not staying on the market for long. If you want to buy, be prepared. You’ll be at a disadvantage if your offer doesn’t include financing. Discuss your home loan options with a First Choice Loan Services Inc. mortgage loan originator. Start your exciting journey home today!


While the task of simultaneously selling one home and buying another was daunting, the team at First Choice made it all seem easy. They not only performed several magic acts to help us get the job done, they did it with professionalism and expertise. -Victor T. | Kapaa, HI | 6.5.2019
Important Notice:
You are leaving the First Choice Loan Services Website.

The hyperlinks to other websites are provided solely as a convenience of the users of the First Choice Loan Services Inc. internet site, or the sites of its mortgage loan originators. The Company has made a limited effort to determine that these links function properly. Linked sites are not under the control of the Company or Originator, and the Company or Originator is not responsible for the contents of any linked site, or any link contained in a linked site, unless the site is You are responsible for confirming the identity and authenticity of any site you visit and transact business with online. The inclusion of a link does not imply or constitute an endorsement by the Company, its ownership or management, the originator, the products or services it offers, or any advertisers or sponsors appearing on these web sites.

You can click the Cancel button to return to the previous page or use the back arrow/button on your browser after you leave.

Protect yourself from possible e-mail fraud threats. First Choice Loan Services will never request your confidential information through email. Contact us at 855-532-2047 to verify any email request or to report suspicious emails.