Existing-home sales figures for March were 5.2 percent above the previous year’s totals, the ninth consecutive month in which this has occurred, according to the National Association of Realtors.
Existing-home sales figures for March were 5.2 percent above the previous year’s totals, the ninth consecutive month in which this has occurred, according to the National Association of Realtors. NAR also reported total housing inventory is down 21.8 percent from March 2011 while existing-home prices are up 2.5 percent, all signs of continued housing recovery.
On the other hand, sale numbers dropped 2.6 percent from February 2012 to March, settling at a seasonally adjusted annual rate of 4.48 million housing units.
Breaking down the larger number, single-family home sales are up 5.9 percent from a year ago; condominium and co-op sales totals remained unchanged. Both categories experienced month-to-month declines; single-family homes dropped 2.5 percent while condos fell 3.8 percent.
Regional breakdowns show the greatest year-over-year growth in the Midwest, where March existing-home sales were 15.9 percent higher than the previous year. It was followed by the Northeast (5.5 percent) and the South (3.6 percent). Totals in the South declined 3.6 percent year-over-year.
The total inventory of housing units fell 1.3 percent from February to March, currently sitting at a 6.3-month supply of 2.37 million. At the same time, the national median existing-home price rose 2.5 percent month-to-month.
To read the rest of NAR’s report, click here.