U.S. Existing Home Sales Rose 5.1% in March
20 Aprile 2016 - 4:40PM
Dow Jones News
WASHINGTON—Sales of previously owned homes rose in March, a sign
of recovery in the housing market after a rocky start to the year
although inventory remained tight.
Sales rose 5.1% in March from the prior month to a seasonally
adjusted annual rate of 5.33 million, the National Association of
Realtors said Wednesday. Economists surveyed by The Wall Street
Journal had expected sales would rise 4.3% to a rate of 5.30
million in March.
March's sales were 1.5% higher than March a year ago. February's
sales pace was revised down slightly to 5.07 million.
The National Association of Realtors said there were 1.98
million existing homes available for sale at the end of March, down
1.5% from a year earlier and a 4.5-month supply at the current
sales pace.
"Closings came back in force last month as a greater number of
buyers - mostly in the Northeast and Midwest -overcame depressed
inventory levels and steady price growth to close on a home," said
Lawrence Yun, the association's chief economist. He added that
sales were weaker at the very low and very high ends of the market
due to supply limitations and affordability pressures.
Existing-home sales appear to have stabilized somewhat in March
after falling in February from a slight gain in January, indicating
that housing ended the first quarter on a relatively solid footing.
Some economists blamed the February slump on factors like harsh
winter weather and volatility in the stock market.
The national median sale price for a previously owned home last
month was $222,700, up 5.7% from a year earlier, marking the 49th
straight month of year-over-year gains.
Sales posted strong gains in the Midwest and Northeast. The
Midwest's sales rose 9.8% from the prior month to an annual rate of
1.23 million. Sales in the Northeast, which have lagged during the
recovery, increased 11.1% from February to an annual rate of
700,000.
In the West, sales rose 1.8% in March from February. The South
saw sales rise by 2.7% from February.
Data from the housing sector have been mixed in recent weeks.
Housing starts fell 8.8% on the month in March, the Commerce
Department said Tuesday, the lowest level of homebuilding since
October.
Low interest rates, an improving job market and rising rents all
bode well for the housing market currently, although low inventory
and high prices could curb those solid fundamentals somewhat. An
April gauge of homebuilder sentiment held for the third straight
month at 58, its lowest level since May, the National Association
of Homebuilders said on Monday. That's still a positive reading,
but follows eight months of readings above 60.
News Corp, owner of The Wall Street Journal, also owns Move
Inc., which operates a website and mobile products for the National
Association of Realtors.
Write to Ben Leubsdorf at ben.leubsdorf@wsj.com
(END) Dow Jones Newswires
April 20, 2016 10:25 ET (14:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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