Americans purchased homes in March at the fastest pace in over a decade, a strong start to the traditional spring buying season.
Sales of existing homes climbed 4.4 percent last month to a seasonally adjusted annual rate of 5.71 million, the National Association of Realtors said Friday. This was the fastest sales rate since February 2007.
The U.S. housing market faces something of a split personality: A stable economy has intensified demand from would-be buyers, but the number of properties listed for sale has been steadily fading. The result of this trend is prices rising faster than incomes, homes staying on the market for fewer days and a limit on just how much home sales can grow. It’s a situation that rewards would-be buyers who can act quickly and decisively.
“The pace of sales we saw in March is unsustainable,” said Nela Richardson, chief economist at the brokerage Redfin. “Sales may be soaring, but inventory isn’t.”
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