Sales of existing homes grew 1.1 percent in March to a seasonally adjusted annual rate of 5.6 million, according to the National Association of Realtors (NAR).
It’s the second consecutive month of existing homes sales growth, up from February’s rate of 5.54 million, but the market continues to lag 1.2 percent below the same period last year.
“Supply is woefully low and home prices keep climbing above what some would-be buyers can afford,” NAR Chief Economist Lawrence Yun said in a statement.
The median price for existing homes in March was $250,400, an increase of 5.8 percent from March 2017’s median of $236,600, marking the 73rd consecutive month of year-over-year gains.
Inventory of existing homes increased 5.7 percent in March to 1.67 million but remains 7.2 percent below last year’s 1.80 million.
Regionally, existing home sales in the Northeast grew 6.3 percent to an annual rate of 680,000. In the Midwest, sales increased 5.7 percent to a rate of 1.29 million, while sales in the South declined 0.4 percent to a rate of 2.40 million. Sales in the West also decreased, falling 3.1 percent to an annual rate of 1.23 million in March.