Home resales south of the border rebounded strongly in March, signifying strong demand in the American housing market.
The figures released by the National Association of Realtors showed that sales rose 5.1% to a 5.33 million seasonally-adjusted annual rate, or higher than the 5.3 million rate forecast by economists.
That pace was up only 1.5% compared to a year ago, but the average for the first three months of the year was 4.8% higher compared to the prior-year quarter.
Strong sales are still bumping up against fairly scarce inventory. The months’ supply eased slightly, to 4.5 months, but still well below the long-term average of six months, which normally signals a healthy market. Homes stayed on the market for only 47 days, down from 52 days a year ago.
