According to the National Association of Realtors®, sales of existing homes rose in March to the highest annual level in 18 months, and the inventory of unsold properties also displayed gains. The Midwest led nationally but all major regions experienced notable sales growth in March and sit above their year-over-year sales levels. Total existing-home sales data (which include transactions for single-family homes, townhomes, condominiums and co-ops) grew 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March. This compares to 4.89 million in February, the highest annual pace since September 2013 (also 5.19 million). For six months in a row as of March, sales have outpaced their year-over- year levels and now sit 10.4 percent above one year ago. The sales increase seen in March was the largest monthly increase since December 2010 (6.2 percent).
According to Lawrence Yun, NAR's chief economist, this spring's housing market appears to have started encouragingly. Yun commented that "After a quiet start to the year, sales activity picked up greatly throughout the country in March," adding that "the combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years."