Home sales in March increased 21.6% over February while trailing the March activity of a year ago. At the same time, a 20.9% surge in new listings during the month fueled a substantial 7.7% expansion in inventory.

The inventory gains helped expand the supply of homes for sale by 24.2% year over year, setting the stage for the customary peak homebuying season of May and June.

Up 5.1% year over year, the Median Sale Price increased 1.5% from February – the third monthly increase in a row – and returned to $415,000, a figure it last reached last September.

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