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Existing Home Sales Soar To 10-Year Highs

zerohedge.com / by Tyler Durden / Apr 21, 2017 10:11 AM

Following February’s 3.9% drop, March existing home sales roared back (up 4.4% MoM – the fastest growth since Dec 2015) to the highest since Feb 2007 at 5.71 million SAAR. Inventories tumbled (for the 22nd month in a row) and prices rose (for the 61st month in a row) as affordability issues remain ignored (for now).

It seems, unlike 2013, that rising rates are not affecting demand for existing homes at all… (yet)

The Details

  • March sales rose in three of four regions, including a 3.4 percent increase in the South and a 1.6 percent drop in the West
  • At the current pace, it would take 3.8 months to sell the homes on the market, unchanged from February; Realtors group considers less than a five months’ supply as consistent with a tight market
  • Single-family home sales increased 4.3 percent last month to an annual rate of 5.08 million
  • Purchases of condominium and co-op units rose 5 percent to a 630,000 pace
  • First-time buyers accounted for 32 percent of all sales in March, unchanged from February
  • Homes sold in 34 days, compared with 45 days in February and 47 days in March 2016

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