Home sales soared in March before rates climbed back up

With mortgage rates at their lowest March level in years, home sales surged last month, new industry data shows.

March home sales increased 31.6% from February, the largest month-over-month jump since 37.4% in 2023, according to Remax's latest national housing report. Sales were up 3.4% compared to last year.

"March's increase in sales is a signal that buyers and sellers are reengaging as the spring market gets underway," said Remax President and Chief Growth Officer Chris Lim in a press release Monday. "At the same time, moderate price growth and inventory changes could signal the pace is becoming more deliberate, pointing to a housing market that's shifting toward balance rather than momentum. This suggests the next phase of the housing market being defined less by speed and more by precision."

A contributing factor to the national increase was a rise in new listings, which soared 29% month over month but was still 4% lower than a year prior. Active listings grew 4.4% annually and 4.5% on a monthly basis, the report showed.

The median sales price also climbed to $440,000 last month, $10,000, or 2.3%, more than February and $5,000, or 1.1%, higher than a year ago. Buyers paid 99% of the asking price in March, slightly up from 98% in February and the same as March 2025, according to the report.

Homes spent an average of 49 days on the market last month, an improvement of seven days from the month prior, but five days longer year over year. As a result, inventory reached 2.3 months, down from 2.8 in February and up from 2.2 months a year ago.

Markets gaining momentum

Minneapolis was a prime example of a marketing picking up stream, as closed home sales increased 46.7% month over month, although they were still 0.8% less than a year earlier. Active inventory and new listings were up 10.1% and 2.4% year over year.

"Mortgage rates earlier in the year were under 6%, contributing to that significant increase, but we saw them rise in March, which may have put a temporary damper on the excitement," said Justin Fox, broker and owner of Remax Professionals in Cottage Grove, Minnesota, in the release. "Now rates appear to have started trending back down. Overall, I see pent-up demand in the median-price-ranged market with robust showing activity and multiple offers."

New Orleans saw significant year-over-year changes in closed transactions, up 21.8%, and inventory, up 6.2%. Bozeman, Montana, recorded the largest annual increase in closed transactions at 38.7%, followed by Omaha, Nebraska, Manchester, New Hampshire, and Wichita, Kansas, the report found.