NAR released a summary of existing-home sales data showing that the housing market sales increased and bounced back from last month, as March’s existing-home sales reach the 5.33 million seasonally adjusted annual rate. March’s existing sales are up 1.5 percent from a year ago.
The national median existing-home price for all housing types was $222,700 in March, up 5.7 percent from a year ago.
Regionally, all regions showed growth in prices from a year ago, with the Midwest leading at 7.0 percent. The West followed with a 5.9 percent increase while the South had the smallest gain of 4.6 percent. The Northeast had an increase of 5.8 from March 2015.
From February, all regions experienced increases in sales. The Northeast and Midwest dominated regional sales. The Northeast had an increase of 11.1 percent while the Midwest had 9.8 percent increase. The West had the smallest increase of 1.8 percent and the South increased 2.7 percent.
All regions showed gains in sales from a year ago, except the West where sales declined 2.5 percent. The Northeast had the biggest increase of 7.7 percent while the Midwest had the smallest gain of 0.8 percent. The South leads all regions in percentage of national sales at 42.2 percent while the Northeast has the smallest share at 13.1 percent.
March’s inventory figures are up 5.9 percent from last month to 1.98 million homes for sale but the level remains unhealthy. Inventories are down 1.5 percent from a year ago. It will take 4.5 months to move the current level of inventory at the current sales pace. It takes approximately 47 days for a home to go from listing to a contract in the current housing market compared to 52 days a year ago.
Single family sales increased 5.5 percent while condos also increased modestly at 1.8 percent compared to last month. Single family home sales increased 2.6 percent but condo sales are down 6.6 percent from a year ago. Both single family and condos had an increase in price with single family up 5.8 percent and condos up 4.6 percent from March 2015.