On April 21, 2017, National Association of Realtors® (NAR) reported that nationwide existing home sales increased 4.4% to annual rate of 5.71 million homes in March of 2017 from 5.47 million homes in February of 2017, and higher 5.9% from March of 2016. There were 1.83 million homes supplies of available inventory in March of 2017 gained 5.8% from February of 2017, but declined 6.6% of 1.96 million homes from March of 2016; while, there were 3.8 months available inventory in March of 2017 compare to same as 3.8 months from February of 2017.
On average it took 34 days to sell home in March of 2017, fell from 45 days in February of 2017, and down from the 47 days in March 2016. First time buyers acquired 32.0% of homes in March of 2017, similar to from 32.0% in February of 2017, but up from 30.0% in March of 2016. Cash buyers purchased 23.0% of all sales in March of 2017, decreased from 27.0% in February of 2017, nd lower from 25.0% in March of 2016. Investors purchased 15.0% of homes in March of 2017, dropped from 17.0% in February of 2017, but rose from 14.0% in March of 2016, according to Adam DeSanctis of NAR on April 21, 2017.
Lawrence Yun, NAR chief economist, stated "Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does."
For more complete information, on NAR's March of 2017 existing home sales report, please CLICK HERE
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