Spring brought good news for the housing market.
Existing Home Sales rose 5.1% in March, rebounding from a chilled February tally. The seasonally-adjusted annual rate (SAAR) for March finished at 5.33M units, up 1.5% year-over-year.
Inventory levels rose slighty, helping to bring momentum to a market that saw many rapid sales during the month.
Some quick facts about the US Housing Market for March 2016:
- SAAR: 5.33M units (+1.5% year-over-year)
- Median Pricing: $222,700 (+5.7% year-over-year)
- 49th straight month of year-over-year price advance
- Inventory: 4.5 months (UP from February’s 4.4)
- 42% of EHS transactions were listings on the market less than a month
- First-time buyers: 30% (Unchanged year-over-year)
For more information about the US Housing market, visit Realtor.org (Infographic: March 2016 Existing-Home Sales).
Dave Eckstein is a Partner in the firm ESA & Company. He specializes in highly profitable market share growth for local businesses and gets a kick out of demonstrating a declining cost of customer acquisition. He plays baseball, but isn't that Dave Eckstein.