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Wednesday, April 22, 2015

Existing Home Sales Accelerated in March

Existing home sales rose 6.1% in March to a seasonally adjusted annual rate of 5.19 million, the highest annual rate in 18 months.
The median existing-home price increased 7.8% year-over-year to 212,100 in February, the largest gain since February 2014.

Total housing inventory increased 5.3% to 2.00 million homes available for sale, 2% higher than a year ago. There is currently a 4.6 month supply of total existing homes available for sale, down from 4.7 months in February.

Existing home sales increased across all four regions, with the Midwest experiencing the largest monthly gain in sales, increasing 10.1%. The Northeast climbed 6.9%, followed by a 6.3% increase in the West and a 3.8% increase in the South. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years,” stated NAR Chief Economist Lawrence Yun.

All cash sales were 24% of transactions in March, down two points from February and 9 points lower than March 2014.

First-time home buyers represented 30% of buyers, up from 29% last month.

Read the NAR report

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