Existing-home sales rise for the second straight month
The best sales activity since November, but still below numbers from this time last year, according to NAR report.
Existing-home sales jumped 1.1 percent, climbing to a seasonally adjusted annual rate of 5.6 million. In spite of low inventory challenges that have persisted into 2018 and increasing home prices nationwide, it’s the second month in a row during which existing home sales rose, following two straight months of declines.
“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, chief economist at NAR. “The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford.”
NAR Research (@NAR_Research) April 23, 2018