Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped in March to their highest annual rate in 18 months, according to the National Association of Realtors®.
• All major regions experienced strong sales gains in March and are above their year-over-year sales pace.
• Sales have increased year-over-year for six consecutive months and are now 10.4 percent above a year ago, the highest annual increase since August 2013.
• March’s sales increase was the largest monthly increase since December 2010 (6.2 percent).
• The median existing-home price for all housing types in March was $212,100, which is 7.8 percent above March 2014.
• The percent share of first-time buyers was 30 percent in March, marking the third time since last March that the first-time buyer share was at or above 30 percent.
• Properties typically stayed on the market for a shorter time period in March (52 days) compared to February (62 days), and are also selling slightly faster than a year ago (55 days).
• Forty percent of homes sold in March were on the market for less than a month.
You can read the full report, Existing-Home Sales Spike in March, on the NAR website. You can also watch NAR chief economist Lawrence Yun’s video report here:
Amy Garland is a member of the National Association of Realtors. For help with your Knoxville real estate needs contact her at (865) 257-0100 or by e-mail.