Existing Home Sales sales rose 3.7 percent month over month to a seasonally adjusted annual rate of 5.10 million units after an upwardly revised 4.92 million unit pace in February, the National Association of Realtors said on Wednesday. Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue.
NAR: “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”