A Few Comments on March Existing Home Sales

Inventory is still very low (but up 2.0% year-over-year in March). More inventory will probably mean smaller price increases and slightly higher sales, and less inventory means lower sales and somewhat larger price increases. This will be important to watch over the next few months during the Spring buying season.   Note: As usually happens, housing economist Tom Lawler's estimate was much closer than the consensus to the NAR reported sales rate. Also, the NAR reported total sales were up 10.4% from March 2014, however normal equity sales were up even more, and distressed sales down......(read more)

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