Existing home sales surged 6.1 percent in March to a 5.190 million annual rate. The year on year rate was also strong at 10.4%. This is near high-end expectations and the best rate since September 2013. In percentage terms, the 6.1 percent gain is the strongest since December 2010 and among the very highest in the 16-year history of the series.
Sales of single-family homes jumped 5.5 percent in the month to a 4.590 million rate while condos really jumped, up 11.1 percent to a 600,000 rate. All regions show solid gains in total sales led by the Midwest at 10.1 percent with the South at the rear, though still up a solid 3.8 percent.
Price data all show strength with the median price up a very strong 5.1 percent to $212,100. Year-on-year, the median is up 7.8 percent for the best reading since February last year.
The improvement in prices will help bring more homes into the market which should be a plus for future sales. More homes did enter the market in March, to 2.0 million vs 1.9 million in February, but inventory relative to sales still remains tight, at 4.6 months vs 4.7 months in the prior month.