Moving into spring, the number of listings going into contract climbed significantly month over month and year over year – but the number of listings on the market fell dramatically from last year. As buyers competed for a reduced supply of homes for sale, the absorption rate and overbidding increased, listings went into contract faster, and price reductions declined from last year. This pressure of demand may lead to increased price appreciation in the second quarter. As has been the case for the last 2 years, affluent markets remained more heated than less expensive markets, and house markets considerably stronger than condo markets.
