WASHINGTON – Americans purchased homes in March at the fastest pace in more than a decade, a strong start to the traditional spring buying season.
The National Association of Realtors says that the sales of existing homes climbed 4.4 percent last month to a seasonally adjusted annual rate of 5.71 million. This was the fastest sale since February 2007.
The U.S. housing market faces something of a split personality: A stable economy is the increased demand of potential buyers, but the number of properties listed for sale steadily fade. Sales listings tumbled 6.6 percent more than last year to 1.83 million, the limit of the buyer’s choices and fueling higher prices.
The median selling price has increased by 6.8 percent compared to a year ago to $236,400, more than double the pace of average wage gains.