USA home sales rise shoot up to 10-year high

Home for sale

The National Association of Realtors (NAR) reports that the seasonally adjusted annual rate of existing home sales in March rose 4.4% to a seasonally adjusted annual rate of 5.71 million from a downwardly revised total of 5.47 million in February.

The industry data showed that home resales increased by 4.4% in March to a seasonally adjusted 5.71 million units from 5.47 million units in the previous month.

The total housing inventory rose 5.8% to 1.83 million homes available for sale, while the median existing home price stood at $236,400, a 6.8% increase from March 2016.

Properties sold in March had typically stayed on the market for 34 days, down significantly from 45 days in February and 47 days a year ago.

Compared to the same period of time in 2016, sales in March jumped almost 6 percent. That's a 4 percent increase over the prior month. March's sales pace is 5.9% above a year ago and surpasses January as the strongest month of sales since February 2007. Foreclosed and nondistressed homes were on the market for an average of 52 and 32 days, respectively, and short sales took a median of 90 days to sell. The median price in the West was $347,500, up 8% compared with the March 2016 median. But the housing market, broadly, still is tipped in favor of sellers.

"A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market", he said.




"Consumers this spring have no choice but to be nimble as they find fewer homes on the market and increased competition for those homes", said Illinois Realtors President Doug Carpenter in a news release.

The NAR's existing home sales data measures sales and prices of existing single-family homes for the nation overall, providing breakdowns for the West, Midwest, South and Northeast regions of the U.S. These figures also include condos and co-ops.

The median price of a single-family home in the nine-county Chicago area was $248,000 in March - an 11.2 percent increase over a year earlier.

The Illinois Realtors reported Friday a 13.1 percent jump in sales and a 10 percent climb in the median price over the past year in the Chicago area.

He added, "The biggest opportunity in the spring housing market may be the temporary drop in mortgage rates". Wealthier investors, who were willing to pay in cash, made up an above-average share of the market and held a competitive advantage over first-time buyers, the NAR said.

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