US existing home sales rise 4.4% in March
Existing home sales in the United States saw a monthly increase of 4.4% in March, the National Association of Realtors (NAR) said in a release on Friday.
The seasonally adjusted annual rate of purchases of existing houses and apartments stood at 5.71 million in March compared to February's downwardly revised figure of 5.47 million. The existing home sales pace was 5.9% higher in comparison to March 2016, while the annual rate of 5.71 million existing home purchases recorded in March is the highest since February 2007 when it stood at 5.79 million.
"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," said NAR chief economist Lawrence Yun. "Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year."