U.S. existing-home sales up 1.1 percent in March

CHICAGO, April 23 (Xinhua) -- U.S. existing-home sales grew for a second consecutive month in March, but lagging inventory levels and higher prices kept sales activity below year ago levels, the National Association of Realtors (NAR) said on Monday.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million in March from 5.54 million in February.

"Robust gains last month in the Northeast and Midwest, a reversal from the weather-impacted declines seen in February, helped overall sales activity rise to its strongest pace since last November at 5.72 million," said Lawrence Yun, NAR' s chief economist.

Despite last month's increase, sales are still 1.2 percent below a year ago.

Yun said that while the healthy economy was generating sustained interest in buying a home this spring, sales lagged year ago levels because supply was woefully low and home prices kept climbing above what some would-be buyers can afford.

According to the NAR data, the median existing-home price for all housing types in March was 250,400 U.S. dollars, up 5.8 percent from March 2017 (236,600 USD). March's price increase marks the 73rd straight month of year-over-year gains.

Properties typically stayed on the market for 30 days in March, which was down from 37 days in February and 34 days a year ago. Fifty percent of homes sold in March were on the market for less than a month. Enditem

CHICAGO, April 23 (Xinhua) -- U.S. existing-home sales grew for the second consecutive month in March, but lagging inventory levels and higher prices kept sales activity below year ago levels, the National Association of Realtors (NAR) said on Monday.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million in March from 5.54 million in February.

"Robust gains last month in the Northeast and Midwest, a reversal from the weather-impacted declines seen in February, helped overall sales activity rise to its strongest pace since last November at 5.72 million," said Lawrence Yun, NAR' s chief economist.

Despite last month's increase, sales are still 1.2 percent below a year ago.

Yun said that while the healthy economy was generating sustained interest in buying a home this spring, sales lagged year ago levels because supply was woefully low and home prices kept climbing above what some would-be buyers can afford.

According to the NAR data, the median existing-home price for all housing types in March was 250,400 U.S. dollars, up 5.8 percent from March 2017 (236,600 USD). March's price increase marks the 73rd straight month of year-over-year gains.

Properties typically stayed on the market for 30 days in March, which was down from 37 days in February and 34 days a year ago. Fifty percent of homes sold in March were on the market for less than a month. Enditem