Existing Home Sales Flat In March (True that!)

For SaleSales of previously owned homes were virtually unchanged in March, according to new data from the National Association of Realtors. Existing home sales – which include single-family homes, townhomes, condominiums, and co-ops – were 0.2 percent below February’s rate and 7.5 percent below year-before levels. Lawrence Yun, NAR’s chief economist, said that sales activity is slow by historical standards. There should really be stronger levels of home sales given our population growth, Yun said. Still, Yun believes there will be improvement in the months ahead, due to continued gains in the job market and sales of homes that were delayed over the winter because of harsh weather. Regionally, home sales were up in the Northeast and Midwest but fell in the South and West. Housing inventory – which drives price increases when low – improved in March, with unsold inventory up 3.1 percent from a year ago. There were 1.99 million previously owned homes available for sale at the end of the month. At the current sales rate, that represents a 5.2-month supply, up from a 4.7-month supply one year ago. Also, the median existing-home sales price for all housing types was $198,500. More here.

Michael Rosenbaum

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