Photo: Ron Frazier/Flickr
Existing home sales in the US rose to a seasonally adjusted annual rate of 5.19 million in March, up from 4.89 million in February. According to the National Association of Realtors (NAR), this is the highest rate since September 2013, which also counted 5.19 million sales.
Home sales for March also rose 10.4 percent, year-over-year, the sixth month in a row that’s measured a boost. The year-over-year increase was also the highest since August 2013.
“After a quiet start to the year, sales activity picked up greatly throughout the country in March. 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,” said Lawrence Yun, NAR chief economist.
The median sale price for existing homes in March was $212,100, a 7.8 percent increase over the same time last year. The increase represented the 37th consecutive month to see year-over-year price growth.
The largest amount of single-family home buyers, 44.5 percent, purchased a home within the $100,000 to $250,000 range in March. Buyers in the $250,000 to $500,000 range followed at 28.8 percent.
Interestingly, some regions saw a large uptick in sales of premium properties. In the Northeast, sales of single-family homes priced a million dollars or more rose by 23.5 percent, the highest year-over-year increase of all the price ranges studied by NAR. In the Midwest, March sales of homes priced between $750,000 and $1 million jumped by 63.8 percent. See how the other regions compare: