Existing-home sales started the spring selling season strongly according to the National Association of Realtors’ (NAR) latest press release. On a seasonally adjusted basis, existing-home sales in March reached a rate of 5.19 million units, which was 6.1% greater than February when the rate was 4.89 million units. The NAR indicated that this was “the highest annual rate since September 2013.” Compared to the same time last year, existing-home sales were up by 10.4%.
NAR Chief Economist, Lawrence Yun, stated, “After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and 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.”
Regionally, existing-home sales in the West grew by 6.3% compared to February and were 11.3% greater than March 2014. The median price rose by 8.3% compared to the same time last year reaching $305,000. Read more at http://bit.ly/1HtPHtZ.