0600 ET - The U.S. housing market showed recovery signs this spring, with inventory rising for the 17th consecutive month, according to Realtor.com. More homes are available, but buyer caution--driven by economic uncertainty and personal finance concerns--led to a 5.2% year-over-year drop in pending sales across major metros in March. Of 44 metros analyzed, 36 saw declines year-over-year, with Jacksonville, Miami, and Virginia Beach hit hardest. Washington, D.C., ranked 10th with a 7.9% drop. The national median list price held steady at $422,450, down 0.1% from last year, though 17.4% of listings saw price cuts--the highest March share since 2016. Sellers in high-reduction markets may need to adjust expectations, while those in tighter markets can still find demand with proper pricing, Realtor.com says. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 06:00 ET (10:00 GMT)
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