Nationally, Realtor.com found the number of newly listed properties declined during the second half of March — by 13 percent during the week ending March 21 and by 34 percent during the week ending March 28 compared to those same weeks in 2019. For the entire month of March, the number of homes for sale declined by 15.7 percent compared to March 2019.
The national median listing price in March was $320,000, 3.8 percent higher than in March 2019. Median listing prices rose in 45 of 50 markets in March compared to March 2019. But during the last two weeks of the month, the pace of growth slowed to the lowest level since 2013. The median listing price increased by just 2.5 percent during the week ending March 28 compared to the same week in 2019.
Homes sold in a median of 60 days nationwide in March, four days faster than in March 2019.
“Of course, the housing market, like the U.S. economy generally, is still undergoing a reaction to the COVID-19 epidemic, and conditions reflected in this data do not mean this momentum will carry forward into the spring,” Danielle Hale, chief economist at Realtor.com, wrote in an email. “At a national level, we see some deceleration in the weekly data in the last half of March — slowing price growth, fewer new listings — that could be a sign of what’s ahead."
Properties in the Washington region sold in a median of 29 days, the third fastest in the country behind San Jose and Denver.
"The Washington metro area was a fast-moving real estate market in March, with … 24.4 percent fewer listings for buyers to choose from, and asking prices up 9 percent,” said Hale. “Conditions were tougher for buyers and better for sellers in this region than in the U.S. as a whole in March.”
In the D.C. region in March, 13.6 percent of homes sold at a reduced price. The percentage ranged from a low of 8.1 percent in San Jose and Seattle to a high of 26.2 percent in Tampa.