US home resales spiked to hit 10-year high in March

Miami /
Apr.April 21, 2017 02:00 PM

From TRD New York: The number of home resales across the country jumped in March to reach its highest pace since 2007.

Last month, sales hit a seasonally adjusted rate of 5.71 million, the Wall Street Journal reported, citing figures from the National Association of Realtors. That’s a 4 percent increase over the prior month.

Compared to the same period of time in 2016, sales in March jumped nearly 6 percent.

Sales are “doing much better than I anticipated, particularly in light of affordability challenges,” Lawrence Yun, the chief economist at NAR said, according to the Journal. He said it’s surprising that demand has remained so strong despite rising prices and tight inventory.

Sales of previously owned homes grew through most of 2016, but fell in December —  largely because of rising mortgage rates. Last month, the Federal Reserve increased its benchmark interest rate to a range between 0.75 and 1 percent.

Fed officials have said they expect to raise interest rates twice more in 2017. [WSJ] Miriam Hall


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
2445 South Ocean Boulevard (Ed Butera/IBI Designs, iStock)
Hedge funder drops record $35M for oceanfront Highland Beach estate
Hedge funder drops record $35M for oceanfront Highland Beach estate
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

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

Loading...