Existing home sales rose more than expected in March.
Data from the National Association of Realtors (NAR) showed that sales of existing single-family homes rose 5.1% at a seasonally adjusted annual rate of 5.33 million.
Economists had forecast that existing home sales rebounded by 3.9% at a rate of 5.28 million.
“Closings came back in force last month as a greater number of buyers — mostly in the Northeast and Midwest — overcame depressed inventory levels and steady price growth to close on a home,” said NAR chief economist Lawrence Yun.
“Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”
The median existing-home prices was $222,700, up 5.7% year-on-year.
The sales drop in February was revised to 7.3% at an annual rate of 5.07 million (5.08m prior.) The NAR said sales were depressed by “unshakably low supply levels and steadfast price growth in several sections of the country.”