Existing-home sales increased 4.4% to a seasonally adjusted annual rate of 5.71 million in March, according to the National Association of Realtors (NAR). This is the highest level in the past ten years.
The total housing inventory rose 5.8% to 1.83 million homes available for sale, while the median existing home price stood at $236,400, a 6.8% increase from March 2016.
Distressed sales were 6% of the total in March, which are down from 8% a year ago. Five percent of sales were foreclosures and 1% were short sales. On average, foreclosures and short sales sold for discounts of 16% and 14%, respectively.
Read the NAR release.
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