"Sales activity increased in March, contributing to the best first-quarter start of the year since 2014. Some of the sales growth was only possible due to the rise in new listings. Monthly new listings have generally been trending up since the end of 2021, however, the growth in new listings was not enough to cause any substantial change in inventory levels. In March, inventory levels were 336 units, nearly eight percent lower than last year and the lowest march levels seen since 2007.
Improving sales relative to the inventory levels caused the months of supply to tighten to just over two months. Despite tighter market conditions, prices in the first quarterly remained comparable to last year.
This, in part, could be related to some shifts in the distribution of sales."