An abnormally warm winter, strong consumer confidence and robust underlying demand ended up being the perfect formula to push existing-home sales in March to their highest pace in over 10 years.
More notably, despite the fact that supply is extremely tight and buying a home has gotten more expensive, home sales are up convincingly from a year ago nationally and in all four major regions.
In addition to the 4.4 percent leap in sales last month, equally impressive was the fact that homes typically sold 11 days faster than in February and 13 days quicker than a year ago. There’s no question that buyers are struggling to find an affordable home to buy, and when they do, they have to act very fast just to have a chance.
To reiterate what NAR Chief Economist Lawrence Yun said during this morning’s press conference: “sales will go as far as inventory does.”
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.