Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family home sales rebounded 7.3 percent in March following three consecutive declines, an indication that the homebuyer tax credit may at last be generating results. All four regions of the U.S. shared the gain, and the national 12-month growth rate bumped up from 4.4 percent to 16.6 percent. According to the release, the National Association of Realtors considers March the beginning of an expected spring surge, and chief economist Lawrence Yun says he is encouraging to see sales above year-ago levels for nine straight months. The current annual sales pace of 4.7 million units is now roughly on par with the pace at the end of 2007 but still falls about 458,000 units (or 8.9 percent) short of the average over the past decade. Despite the 1.4 percent rise in inventory of existing single-family homes in March, the months’ supply relaxed a bit from 8.2 to 7.7, due to the concurrent pick-up in sales over the month. Year-over-year growth in the median sales price climbed out of negative territory for the first time since July 2006, to 0.6 percent. “With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” says Yun.