Thursday, May 7, 2015
Now is the Time to Sell. Home Sales Surge to 18-Month High DAILY REAL ESTATE NEWS
The spring home sale season has finally sprung. Existing-home sales surged to the highest annual rate since September 2013. Also: More homes went up for sale, relieving some inventory constraints, according to the National Association of REALTORS®’ latest report.
The Midwest posted the largest gains in home sales, but all regions saw a rise in March and are above their year-over-year sales pace, NAR reports.
“After a quiet start to the year, sales activity picked up greatly throughout the country in March,” says Lawrence Yun, NAR’s chief economist. “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.”
Existing-home sales—reflecting completed transactions for single-family homes, townhomes, condos, and co-ops—rose 6.1 percent in March month-over-month to a seasonally adjusted annual rate of 5.19 million—the highest annual rate in 18 months. Sales are now 10.4 percent above a year ago.
Home prices also climbed last month, with the median existing-home price for all housing types reaching $212,100 in March—7.8 percent higher than March 2014. That is the largest price increase since February 2014, when prices jumped 8.8 percent year-over-year.
More homes were on the market nationwide in March, with unsold inventories climbing 5.3 percent to 2 million existing homes available for sale, representing a 4.6-month supply. Inventories are now 2 percent above year-ago levels.
See you at the closing!