Existing home sales rose in US for second consecutive month

Resales went up by 1.1% in March

New York /
Apr.April 23, 2018 12:00 PM

(Credit: Getty Images)

Resales in the U.S. increased in March, the second consecutive month of positive growth.

Sales of existing homes increased by 1.1 percent last month to hit a seasonally annual rate of 5.6 million, according to the Wall Street Journal. Last year, sales in March dropped by 1.2 percent.

Home sales dropped in December and January but then rose in February and March. Based on the current pace of sales, March had a 3.6-month supply of homes on the market. The median sale price last month was $250,400, a 5.8 percent increase from last year.

Annual deals for homes less than $250,000 dropped in March, while deals for homes more than $250,000 increased compared to last year. This was partly due to lower inventory for cheaper homes.

Lawrence Yun, chief economist of the National Association of Realtors, told the Journal that there is strong demand for lower end housing, but “inventories are being drained away, and with so few inventories, there are few transactions.” [WSJ]Eddie Small


Related Articles

arrow_forward_ios
JetBlue cancels flight to Florida, keeps HQ in New York City
JetBlue cancels flight to Florida, keeps HQ in New York City
JetBlue cancels flight to Florida, keeps HQ in New York City
Keller Williams president Marc King and kwx CEO Carl Liebert 
Keller Williams breaks sales records for fourth straight quarter
Keller Williams breaks sales records for fourth straight quarter
Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
Clinton Street condo edges Park Slope townhouse in Brooklyn sales’ slow week
After scandal, Scott Rudin sells San Remo pad for $13M
After scandal, Scott Rudin sells San Remo pad for $13M
After scandal, Scott Rudin sells San Remo pad for $13M
Diane Ramirez
Diane Ramirez, after leaving BHS, joins Berkshire’s HomeServices
Diane Ramirez, after leaving BHS, joins Berkshire’s HomeServices
Related chairman Stephen Ross (Getty, iStock)
Related the latest company to mandate vaccines for employees
Related the latest company to mandate vaccines for employees
HGTV Founder Kenneth Lowe with the ONe57 condo (Getty, Douglas Elliman via Realtor)
HGTV founder buys One57 condo for $12.7 million
HGTV founder buys One57 condo for $12.7 million
45 South Grove St in East Orange (Rendering via Progress Capital)
Hero Construction lands $20M loan to build East Orange apartments
Hero Construction lands $20M loan to build East Orange apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...