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U.S. existing home sales surge in March

Xinhua, April 23, 2015 Adjust font size:

Existing home sales jumped in March to their highest annual rate in 18 months, a sign the housing market is shaking off harsh winter impact and gaining new momentum.

Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co- ops, increased 6.1 percent from the previous month to a seasonally adjusted annual rate of 5.19 million in March, the highest rate since September 2013, said the National Association of Realtors ( NAR) on Wednesday.

Total housing inventory at the end of March increased 5.3 percent to 2 million existing homes available for sales, which represents a 4.6-month supply at the current sales pace.

The median existing home price for all housing types in March was 212,100 U.S. dollars, 7.8 percent above the level a year ago.

Existing home sales account for a larger share of the market than new home sales. "The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years," NAR chief economist Lawrence Yun said.

According to Freddie Mac, the average commitment rate for a 30- year, conventional, fixed-rate mortgage rose to 3.77 percent in March. Endite