Existing home sales grew 5.1% to a seasonally adjusted 5.33 million-unit rate in March from a revised 7.3% drop to a 5.07 million sales pace, first reported as a 7.1% decrease to a 5.08 million pace the previous month, the National Association of Realtors announced Wednesday.
The February rate represents a 1.5% increase from the same month a year ago, and surpassed the median 5.29 million unit pace predicted by economists polled by Thomson Reuters.
“Closings came back in force last month as a greater number of buyers – mostly in the Northeast and Midwest – overcame depressed inventory levels and steady price growth to close on a home,” said NAR chief economist Lawrence Yun. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”
Sales in the regions were higher in March. They were up 11.1% in the Northeast, 9.8% in the Midwest, 2.7% in the South, and 1.8% in the West.
The median sales price was $222,700 in March, a 5.7% increase from a year ago.
Inventory levels grew 5.9% from the previous month to 1.98 million existing homes, representing a 4.5-month supply at the current pace. Inventory was down 1.5% from the March 2015 level.
