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Spring is typically the busiest time of the year. More properties become available, prices start increasing for the summer rush and competition becomes fevered. However, with home prices and mortgage rates already so high, the majority of Americans have soured on the current housing market and optimism for the future is at an all-time low.
According to Gallup’s annual Economy and Personal Finance survey, 76% of Americans say it’s a bad time to buy a house and 68% of those surveyed think the average price of houses in their area will increase this year.
Just three short years ago, homes were coming on and off the market at a dizzying pace, as buyers took advantage of historically low interest rates. In March, the median home sales price (not including new construction) was $393,500, the highest ever for that month and a 4.8% year-over-year increase, per the National Association of Realtors (NAR).
Nationally, homes spent a median of 50 days on the market in March 2024, per Realtor.com. While homes in some markets with tight inventory and high demand move much faster than that, in other areas homes are taking a lot longer to sell.
Here are 10 areas in the U.S. where homes were taking the longest time to sell in March, according to Realtor.com’s look at the 200 largest metropolitan areas. Listed are the median days on market and home list prices for March, plus the current number of homes available.
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This article was originally published by a www.gobankingrates.com . Read the Original article here. .