NAR Reports March Existing Home Sales Up 1.1%

24 April, 2018, 15:13 | Author: Regina Silva
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USA sales of existing homes increased 1.1 per cent on a monthly basis in March, which suggests that buyers are undeterred by the dwindling number of properties available on the market.

Figures from the National Association of Realtors shows that there was an increase of 1.1% in March, the second consecutive increase; but with a seasonally adjusted annual rate of 5.60 million sales (up from 5.54m in February) existing sales were still 1.2% below those of March 2017. This earnings speed is higher than the 20 on total, however March earnings have been down marginally on the last 12 months.

"The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford", says Lawrence Yun, chief economist for NAR, in a statement. The median house price increased 5.8 per cent from a year ago to US$250,400 in March. "As a result, competition is swift and homes are going under contract in roughly a month, which is four days faster than a year ago and a remarkable 17 days faster than March 2016". In March, properties were on the market for 30 days, down from 37 days in February and 34 days from past year. But home loan prices have been also now getting it even less likely that home owners may decide to market in order to purchase another land.

The trade group estimated that there were 1.8 million homes for sale in March, which was 7.2 percent lower than a year ago.

'This is why first time buyers continue to struggle finding affordable properties to buy and are making up less than a third of home sales so far this year, ' he added. That's up 3.9% from February and represents a 5.8% rise from the same month a year earlier. In February the national median price was $241,700.

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Existing-home sales in the South decreased 0.4 percent to an annual rate of 2.40 million in March, but are 0.4 percent above a year ago. 'The survey confirms that the lack of entry level supply is putting affordability pressures on too many buyers, especially those at the lower end of the market, where demand is the strongest, ' he said. Economists had expected existing home sales to edge up by 0.2 percent.

The NAR also reported the following regional data. The median price of these homes were $236,100.

First-time buyers made up 30% of sales, down from 32% a year ago.

Existing-home sales in the South dipped 0.4% in March to an annual rate of 2.4 million, but remain.0.4% above March 2017 sales.

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