March 2018 had 22 working days, one fewer than March 2017, which helps explain the relatively small increase in normal re-sales. Investor flips are the fastest growing transaction type. This is partly due to the increasing activity of iBuyers such as Opendoor and OfferPad. The first part of their process usually results in a normal re-sale but the second stage counts as an investor flip unless it takes longer than 6 months to re-sell the property.
Because of rising prices, the change in total dollars spent on homes was even more favorable than the change in the unit count.
- Total dollars spent on single family homes rose by 13% over March 2017.
- Total dollars spent on townhouses & condos rose by 24% over March 2017.
The swing in favor of attached homes that failed to show up in January and February came back again in March.
During March, average single-family pricing moved significantly higher than February, reading $329,801, up from $321,853 last month and up 8.8% from $303,199 in March 2017. Average new single family home prices during March were only 4.2% higher than last year at $382,336, but this was mainly because of a 3.1% drop in average new home size.