Existing Home Sales for 2017
1. Existing-home sales took off in March to their highest pace in over 10 years! 2. Total existing-home sales, https://www.nar.realtor/topics/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, ascended 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February. March's sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007 (5.79 million). 3. Properties typically stayed on the market for 34 days in March, which is down significantly from 45 days in February and 47 days a year ago. 4. First-time buyers were 32 percent of sales in March, which is unchanged from February and up from 30 percent a year ago. NAR President William E. Brown, a Realtor® from Alamo, California, says patience is a virtue for prospective first-time buyers this spring. "Realtors® in most markets are saying interest from first-timers is up this year, but competition is stiff for listings in their price range," he said. "The best advice is to lean on the guidance of a Realtor® throughout the home search and be careful about stretching the budget too far. Don't get frustrated by losing out on a home and know the right one will eventually come along in due time." 5. Single-family home sales climbed 4.3 percent to a seasonally adjusted annual rate of 5.08 million in March from 4.87 million in February, and are now 6.1 percent above the 4.79 million pace a year ago. 6. Existing condominium and co-op sales increased 5.0 percent to a seasonally adjusted annual rate of 630,000 units in March, and are now 5.0 percent higher than a year ago. The median existing condo price was $224,700 in March, which is 8.0 percent above a year ago. 7. Prices in the residential real estate market hit record highs in March while for-sale inventory remained at historic lows, according to new data on inventory and demand from realtor.com®. Sales also continued to strengthen in March, with homes moving 10 percent more quickly than last year –even as prices continue to increase.