NEW YORK (Reuters) – Sales of previously owned U.S. homes rose more than expected in March, a trade group said on Wednesday, raising cautious optimism a recovery may be in sight for the housing market.
KEY POINTS:
* The National Association of Realtors said sales rose 3.7 percent month over month to an annual rate of 5.10 million units after an upwardly revised 4.92 million unit pace in February. * Economists polled by Reuters had expected sales to rise 2.5 percent to a 5.0 million-unit pace from the previously reported 4.88 million unit rate. Sales have now risen in six of the past eight months.
Interesting to see how the different economists interpret the information. Then they sum it up by saying, “So if you mix all that together, it really shows that consumers have moved in a very interesting direction, and that is it’s one thing to go out and buy new t-shirts and socks, it’s another to go out and buy a house. The improvement on the employment front is beginning to get consumers to a point where they feel comfortable enough to be able to not only make small purchases but begin to start looking toward bigger purchases. Which probably bodes pretty well for housing going forward, certainly the spring selling season and potentially growth as it relates to the rest of the year.” Time will tell. Our local market is active, this is the time of year you would expect to see that.
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