According to new data released by the National Association of Realtors, existing home sales in March were at their highest pace in a decade, with the average price coming in at $236,400 – up 6.8% from one year ago! March’s gains also mark the 61st consecutive month of year-over-year increases. Total existing-home sales (completed transactions of single-family homes, townhomes, condominiums and co-ops), climbed 4.4% to a seasonally adjusted annual rate of 5.71 million in March. March’s sales pace was 5.9% above a year ago. March also saw the strongest month of sales since February, 2007. Total housing inventory at the end of March increased 5.8% to 1.83 million existing homes available for sale – which is 6.6% lower than one year ago. Inventory was at a 3.8-month supply at the current sales rate.
“…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.” Said Lawrence Yun, Chief Economist for the National Association of Realtors.
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