An abnormally warm winter, strong consumer confidence and robust underlying demand ended up being the perfect formula to push existing-home sales in March to their highest pace in over 10 years.
More notably, despite the fact that supply is extremely tight and buying a home has gotten more expensive, home sales are up convincingly from a year ago nationally and in all four major regions.
In addition to the 4.4 percent leap in sales last month, equally impressive was the fact that #homes typically sold 11 days faster than in February and 13 days quicker than a year ago. There’s no question that buyers are struggling to find an affordable home to buy, and when they do, they have to act very fast just to have a chance.
To reiterate what NAR Chief Economist Lawrence Yun said during this morning’s press conference: “sales will go as far as inventory does.”