In modern history, the housing market has never seen a month like March. Record demand and the lowest levels of inventory on record pushed sales prices to record highs in March and made life very complicated for buyers, real estate agents, builders and lenders across the United States.

The national median home-sale price hit a record high of $353,000 in March — up 17% from 2020 — according to a new report from Redfin. Active listings — the count of all homes that were for sale at any time during the month — fell 29% year-over-year to their lowest level on record. This was the largest year-over-year drop on record, and the 20th straight month of declines.

Prospective homebuyers, real estate agents and homebuilders have felt the effects of low inventory for months now. The high cost of building materials has crippled general contractors and new-build progress, and hundreds of thousands of homeowners who ordinarily…

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