Existing-Home Sales Rebound in March, Rising 5.1%

Washington, DC, April 20, 2016—Bolstered by big gains in the Northeast and Midwest, existing-home sales bounced back 5.1% in March to a seasonally adjusted annual rate of 5.33 million from a downwardly revised 5.07 million in February, according to the National Association of Realtors.

Sales rose in all four major regions last month and are up modestly (1.5%) from March 2015.

Lawrence Yun, NAR chief economist, says home sales had a nice rebound in March following February's uncharacteristically large decline. "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," he said. "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 price for all housing types in March was $222,700, up 5.7% from March 2015 ($210,700). March's price increase marks the 49th consecutive month of year-over-year gains.

Total housing inventory at the end of March increased 5.9% to 1.98 million existing homes available for sale, but is still 1.5% lower than a year ago (2.01 million). Unsold inventory is at a 4.5-month supply at the current sales pace, up from 4.4 months in February.