Total existing-home sales soared by 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February, according to new data from the National Association of Realtors (NAR).
USA existing home sales grew in the month of March by 4.4 percent in sequential terms to an annualized 5.71 million. March's sales pace is 5.9% above a year ago and surpasses January as the strongest month of sales since February 2007 (5.79 million). While the number of homes on the market rose 5.8 percent to 1.83 million units last month, housing inventory was down 6.6 percent from a year ago.
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.
Since December existing home sales activity in the USA has been very volatile.More news: Subscriber loss at 307000, Verizon not averse to suitors
Buyers closed on purchases of 12,245 homes, at an average price of $163,382 - up 6.2 percent from the same month of a year ago.
Inventories tumbled (for the 22nd month in a row) and prices rose (for the 61st month in a row) as affordability issues remain ignored (for now).
Home sales jumped in the Buckeye State and across the nation during March, as buyers - apparently undeterred by rising prices - pounced faster.
Home loan costs had been climbing after President Donald Trump won the November election, under the belief that the government would engage in forms of stimulus such as tax cuts and greater deficits that could cause higher levels of inflation.More news: Prince Drops "Deliverance" One Year After Death
Sales of previously-owned homes churned higher in March as sturdy demand for housing bolsters the market.
That nudged the national median sales price to $236,400 - a 6.8% gain compared to a year ago.
And even inventory levels rose, at least on a month-by-month basis. The median price in the West was $347,500, up 8% from March 2016.
"A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market", Yun said. "Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy". The median sale price was $183,000, up 6.2 percent.More news: Apple gets green light to test self-driving cars
The NAR's existing home sales data measures sales and prices of existing single-family homes for the nation overall, providing breakdowns for the West, Midwest, South and Northeast regions of the U.S. These figures also include condos and co-ops.