Two new reports were released that showed a strong surge in home sales. Existing Home Sales rose more than expected in March, reversing three months of declines. Kicking off what is expected to be a strong Spring selling session.
The National Association of Realtors reported that sales of previously occupied homes rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units. This is the highest level since December. The nationwide median home price was slightly higher than a year earlier at $170,700.
In a separate report, the Commerce Department said new home sales surged higher by 27%. They reported that new home sales rose in March to an annualized rate of 411,000 units. It was the strongest month since last July and the biggest monthly increase in 47 years.
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