MNI DATA ANALYSIS: US March Existing Home Sales +1.1% to 5.60M

By Kevin Kastner, Sara Haire and Holly Stokes

     WASHINGTON (MNI) - Home resales rose by 1.1% in March to an annual rate of

5.60 million, ahead of expectations for a second straight 5.54 million pace, but

down 1.2% from a year earlier, data released by the National Association of

Realtors reported Monday showed.

     February sales were unrevised at the originally reported 5.54 million

annual rate.

     Single-family sales rose 0.6% in March, while the more-volatile condo sales

were up 5.2%. However, both sectors were down from a year earlier.

     NAR Chief Economist Lawrence Yun told reporters that the March figure was

above the pace seen in 2017, a positive sign. But he repeated that low

inventories and the resulting boost in home prices has had a depressing effect

on the sales pace.

     --SUPPLY STILL SOFT

     The number of housing units available for sale rose 5.7% in March to a

total of 1.67 million homes, lifting the months supply to 3.6 months at the

current sales pace from 3.4 months in February. However, this is the result of

the usual start of the spring selling season. When compared to March 2017, home

supply is down 7.2% and the month supply is down from 3.8 months a year ago. 

     Yun did note that recent home building data has been positive for some

improvement in inventory levels later in the year.

     --REGIONAL DATA MIXED, PRICES UP

     Sales were up solidly in the Northeast and Midwest regions, but declined in

the South and West regions. Yun noted sales on lower-priced homes are being

impacted by very slim inventory.

     March's national median price of $250,400 was up 5.8% from a year earlier,

a direct result of the slim inventory levels according to Yun.

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MAUDS$,M$U$$$]