Home resales south of the border strengthened more than expected in March to the highest level in more than a decade.
Information released Friday by the National Association of Realtors (NAR) revealed that existing home sales climbed 4.4% for the month, topping economists forecasts for a smaller increase of 2.5%.
NAR also said sales have now increased to a seasonally adjusted annual rate of 5.71 million units as of last month, the highest level the gauge has seen since February 2007.
While the number of homes on the market rose 5.8% to 1.83 million units last month, housing inventory was down 6.6% from one year ago, implying that demand is outweighing supply.
NAR added that properties typically remained on the market for 34 days in March, compared to 45 days in February.
