Existing-home sales leaped to their highest pace in 10-plus years in March, reaching a robust level of activity not seen since February 2007, the National Association of REALTORS® (NAR) reports.
Existing-home sales totaled 5.71 million last month, a 4.4 percent increase from February and 5.9 percent increase from one year prior. Inventory increased, as well, by 5.8 percent to 1.83 million—though still 6.6 percent below one year prior.
“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,” says Lawrence Yun, chief economist at NAR. “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.”