The typical home went under contract in 49 days in March
Home sales increased 9 percent in March, even though the median price of a home sold rose 7.5 percent year-over-year to $273,000.
CNBC, through a report from Redfin, notes that the typical home went under contract in just 49 days last month, the fastest sales pace since Redfin began tracking the data in 2010. Homes went under contract in 60 days a year ago.
Homebuilders are benefiting from the lack of supply of existing homes for sale. Mortgage applications to purchase a newly built home in March were up 6.7 percent compared with a year ago to the highest level since the Mortgage Bankers Association began tracking this metric in 2012.
CNBC also reports that homes sales have surged in markets such as Washington D.C., Charlotte, N.C., and Las Vegas.