The latest snapshot suggests spring 2026 has been more about incremental normalization than a fresh boom
Spring selling season in the US housing market appeared to be warming up in March, with RE/MAX reporting the largest month-over-month gain in home sales in three years and modest increases in both inventory and prices across 50 metro areas.
Across those metros, closed home sales jumped 31.6% from February, outpacing the typical seasonal lift and marking the strongest monthly increase since a 37.4% rise in March 2023.
Year over year, however, sales were up just 3.4%, underscoring how far activity still sat from pre-pandemic norms.
The median sales price in March stood at $440,000, up 2.3% from February and 1.1% from March 2025, while overall active inventory rose 4.4% year over year and 4.5% month over month.
Spring demand returned but momentum stayed measured
"March's increase in sales is a signal that buyers and sellers are re-engaging as the spring market gets underway," said RE/MAX President and chief growth officer Chris Lim.
"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."
Minneapolis offered one of the sharpest examples. Closed sales there increased 46.7% from February 2026.
"In the Minneapolis market, we saw a dramatic month-over-month increase in closed sales; however, year-to-date sales through March remain about 8% behind the same point last year," said Justin Fox, broker-owner of RE/MAX Professionals in Cottage Grove, Minnesota.
"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. Now rates appeared to have started trending back down. Overall, I saw pent-up demand in the median-price-ranged market with robust showing activity and multiple offers."
Data from the Mortgage Bankers Association (MBA) showed overall applications rose 1.8% in the week ending April 10. That's the first increase in five weeks after a 0.8% decline the week before.https://t.co/NWxKCUFISI
— Mortgage Professional America Magazine (@MPAMagazineUS) April 15, 2026
Inventory inched up as buyers still paid close to list
New listings climbed 29.0% from February but remained 4.0% below March 2025.
Buyers in March paid 99% of asking prices on average, up from 98% in February and unchanged from a year earlier.
Days on market averaged 49 - down seven days from February but five days longer than last year - while months of supply stood at 2.3, slightly above March 2025 but below February’s 2.8.
Nationally, several midsize markets led year-over-year growth in closed transactions. Bozeman recorded 165 March sales, up from 119 a year earlier, a 38.7% jump.
New Orleans logged 938 sales versus 770 (+21.8%), and Omaha posted 1,042 sales, up from 871 (+19.6%).
Manchester saw closings rise to 300 from 252 (+19.0%), while Wichita rose to 783 from 671 (+16.7%).
By contrast, Hartford, Pittsburgh and Providence each registered annual declines in closings, down 9.5%, 7.3% and 7.0%, respectively. Higher rates and affordability constraints continued to weigh on some Northeast and Rust Belt metros even as others moved ahead.
A market edging toward balance, not a breakout
The latest RE/MAX snapshot suggests spring 2026 has been more about incremental normalization than a fresh boom. The double-digit monthly jump in sales, still-muted year-over-year gains and only modest price appreciation point to a market where borrowers, lenders and agents are working through pent-up demand rather than racing ahead of fundamentals.
The numbers in the RE/MAX report were based on MLS data from 50 metro areas and might not capture every local nuance or off-MLS transaction, so statistics should be viewed as indicative rather than definitive for the entire US market.
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