Sales Of Existing Homes Rise To Near-Record Rate

Jan. 13, 2005
By John S. McClenahen Spurred by low interest rates, sales of existing, single-family homes in March increased 5.7% to a seasonally adjusted annual rate of 6.48 million units from February's revised figure of 6.13 million units, the Chicago-based ...
ByJohn S. McClenahen Spurred by low interest rates, sales of existing, single-family homes in March increased 5.7% to a seasonally adjusted annual rate of 6.48 million units from February's revised figure of 6.13 million units, the Chicago-based National Association of Realtors (NAR) reported on April 27. March's sales rate was the second highest on record; the record is the 6.68 million rate recorded in September 2003. "The housing needs of a growing population timed nicely with historically low mortgage interest rates and a rebounding economy in March," says David Lereah, NAR's chief economist. "Although interest rates are rising modestly, an improving job market is creating a favorable backdrop for home sales, but at a somewhat slower pace in the months ahead," he expects. According to NAR's numbers, the median existing home price in the U.S. this March was $174,100, some 7.4% higher than the $162,100 median price in March 2003.

Popular Sponsored Recommendations

Get ready for CLOUD 9: Nine reasons to move to the Microsoft Cloud

Jan. 24, 2024
With pioneering AI (Copilot, built on OpenAI) and best-in-class low code development tools (Power Platform), the Microsoft Cloud has no equal. Learn a whole lot more in in “Moving...

How to Build a Predictive Maintenance Program: Lessons Learned from LSB Industries’ Success

Dec. 21, 2023
Register today and join this webinar to gain insight on best practices for setting up a predictive maintenance program from industry experts.

6 Ways Manufacturers Can Use GenAI Today

Feb. 1, 2024
Hear six compelling use cases where generative AI is making a significant impact in augmenting frontline workers and transforming operations. Learn how GenAI Assistants and smart...

Five Tips for Choosing the Right AMR to Improve Worker Productivity

Jan. 24, 2024
Here are five top tips to consider before selecting an AMR to increase productivity for your enterprise.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!