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Spring Brings Surge in Existing Home Sales

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springbringsThe spring homebuying season is off to a promising start with existing home sales reporting their highest annual rate in 18 months. According to the latest report from the National Association of Realtors, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 6.1 percent from February to March for a total of 5.19 million homes sold. The housing market, which so far this year had been more stagnant than analysts projected, has not seen March’s volume of sales since September 2013. Lawrence Yun, NAR’s chief economist, attributes the sales boost to “the combination of low interest rates and the ongoing stability in the job market.”

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Image credit: JeongGuHyeok

 

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