For the month of March 2016, home resales in the United States had a higher volume than what was projected. According to a report from CNBC, quoting a report from the National Association of Realtors, existing home sales had risen by 5.1 percent, or an annual volume of 5.33 million units for the month.
The reported volume for March was higher than February's annualized rate of 5.07 million. Previously, projected sales forecast was pegged at 3.5 percent or a volume of 5.30 million units for March. As reported, sales increased by 1.5 percent from last year's volume.
This was a good sign, despite the fact that home resales have become volatile with the introduction of new mortgage disclosure regulations in the last few months of 2015.
Overall, existing home sales had grown in all four regions in March, totaling 11.1 percent in the Northeast and 9.8 percent in the Midwest.
According to National Association of Realtors Chief Economist Lawrence Yan, in a report on Realtor, "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."
He added, "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."
In March, according to the data reported, the price for a median home for March was pegged at $222,700, a 5.7 percent mark up from $210,700 at March 2015. In addition, total housing inventory at March's end had risen by 5.9 percent or a volume of 1.98 million available for sale. This volume though is lower by 1.5 percent from the previous year, with a volume of 2.01 million.
