U.S. Existing-Home Sales Rose in March to Highest Pace Since 2007
22 April 2017 - 12:37AM
Dow Jones News
By Sarah Chaney and Ben Leubsdorf
WASHINGTON -- Sales of previously owned U.S. homes rose 4.4% in
March from the prior month to a seasonally adjusted annual rate of
5.71 million, the highest pace in more than a decade, the National
Association of Realtors said Friday.
Economists surveyed by The Wall Street Journal had expected
sales would rise a more modest 2.0% to a 5.59 million pace last
month.
Last month's rebound came after purchases fell in February, and
took the pace of existing-home sales to its highest level since
February 2007.
Compared with a year earlier, sales in March were up 5.9%.
Lawrence Yun, the NAR's chief economist, said buyer demand has
remained surprisingly strong despite rising prices and tight
inventory. Sales are "doing much better than I anticipated,
particularly in light of affordability challenges," Mr. Yun told
reporters.
The median sales price in March was $236,400, up 6.8% on the
year, and there was a 3.8-month supply of homes on the market at
the end of the month.
News Corp, owner of The Wall Street Journal, also operates
Realtor.com under license from the National Association of
Realtors.
Write to Sarah Chaney at sarah.chaney@wsj.com and Ben Leubsdorf
at ben.leubsdorf@wsj.com
(END) Dow Jones Newswires
April 21, 2017 10:22 ET (14:22 GMT)
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