After a disappointing February, sales of previously owned homes bounced back in March, according to new numbers from the National Association of Realtors. In fact, existing-home sales – which include single-family homes, townhomes, condominiums, and co-ops – rose 5.1 percent and were up in all four regions of the country. Lawrence Yun, NAR’s chief economist, says the sales rebound was driven by particularly large increases in the Midwest and Northeast. “Closings came back in force last month as a greater number of buyers – mostly in the Northeast and Midwest – overcame depressed inventory levels and steady price growth to close on a home,” Yun said. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.” Supply and affordability have been keeping some buyers at bay, especially first-time home buyers. The report found that new buyers represented just 30 percent of all home sales in March, which is unchanged from last month and also the year before. Typically, first-time home buyers represent closer to 40 percent of sales. More here.
