Talking Points …
- Existing home sales surged 5.1 percent to an annual rate of 5.33 million units last month. February’s sales pace was revised slightly down to 5.07 million units from the previously reported 5.08 million units, according to the National Association of REALTORS®.
- Economists had forecast sales rising 3.5 percent to a 5.30 million-unit pace in March. Sales were up 1.5 percent from a year ago. The number of unsold homes on the market in March rose 5.9 percent from February to 1.98 million units. Supply was, however, down 1.5 percent from a year ago.
- Existing home sales rose in all four regions last month, jumping 11.1 percent in the Northeast and accelerating 9.8 percent in the Midwest.