U.S. existing-home sales rebounded from the previous month, rising 4.2%to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
New Listings increased 0.6 percent for Single Family homes and 5.7 percent for Townhouse-Condo homes. Pending Sales decreased 37.4 percent for Single Family homes and 41.4 percent for Townhouse-Condo homes. Inventory increased 29.4 percent for Single Family homes and 58.3 percent for Townhouse-Condo homes.
Median Sales Price increased 6.4 percent to $1,208,000 for Single Family homes and 4.1 percent to $720,000 for Townhouse-Condo homes. Days on Market increased 20.8 percent for Single Family homes and 25.9 percent for Townhouse-Condo homes. Months Supply of Inventory increased 30.0 percent for Single Family homes and 57.9 percent for Townhouse-Condo homes.
Heading into March there were 1.24 million properties for sale, a 5.1%increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
