March existing-home sales were at a seasonally adjusted annual rate of 5.71 million, up 4.4 percent from February’s rate of 5.47 million and 5.9 percent above the March 2016 rate of 5.39 million, according to the National Association of Realtors.
March’s rate is the highest since the rate of 5.79 million in February 2007, the NAR said.
“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” NAR Chief Economist Lawrence Yun said. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”
March existing-home sales in the Northeast rose 10.1 percent month-over-month to a seasonally adjusted annual rate of 760,000. Sales in the Midwest grew 9.2 percent to a rate of 1.31 million. In the South, sales were up 3.4 percent to 2.42 million. And in the West, sales were down 1.6 percent to 1.22 million.
