Sales of previously-owned homes rose higher than expected in March, reversing a three-month slide. The National Association of Realtors (NAR) said Thursday that existing-home sales jumped 6.8 percent to a 5.35 million-unit annual sales rate.
Year-over-year, sales are up 16.1 percent. According toNAR, the March numbers are just the beginning of what will be a strong spring season. Lawrence Yun, NAR’s chief economist, called the latest report a sign of “broad home sales recovery in nearly every part of the country.”
The surge last month was largely attributed to buyers racing to make the window for the homebuyer tax credit. Borrowers must be under contract by April 30 to take advantage of the government incentive. First-time buyers, who are eligible for the larger $8,000 tax break, purchased 44 percent of homes in March, according to a separate NAR study.
By Carrie Bay
Year-over-year, sales are up 16.1 percent. According toNAR, the March numbers are just the beginning of what will be a strong spring season. Lawrence Yun, NAR’s chief economist, called the latest report a sign of “broad home sales recovery in nearly every part of the country.”
The surge last month was largely attributed to buyers racing to make the window for the homebuyer tax credit. Borrowers must be under contract by April 30 to take advantage of the government incentive. First-time buyers, who are eligible for the larger $8,000 tax break, purchased 44 percent of homes in March, according to a separate NAR study.
By Carrie Bay
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