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Existing-home sales surged in March to the highest annual rate since September 2013, with the midwest snagging the largest gains, according to Realtor Magazine.
The rest of the U.S. also experienced growth in existing-home sales.
“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,” says Lawrenece Yun, chief economist for the National Association of Realtors. The association publishes Realtor Magazine.
Existing-home sales, which include completed transactions for single-family homes, town houses and condos, rose 6.1 percent from February to a seasonally adjusted annual rate of 5.19 million, the article says.
Another positive? Home prices increased 7.8 percent in March, with the median existing-home price for all housing types reaching $212,100.
In addition, more homes were added to the market, growing the inventory available, the Realtor Magazine article adds.
“For sales to build upon the current pace, home owners will increasingly need to be confident in their ability to sell their home while having enough time and choices to upgrade or downsize,” Yun says. “More listings and new-home construction are still needed to tame price growth and provide more opportunities for first-time buyers to enter the market.”
To read the full Realtor Magazine article, click here.
