U.S. home resales grew to their highest level in 18 months in March as more homes came on the market, a sign of strength in housing ahead of the spring selling season. All major regions experienced strong sales gains in March and are above their year-over-year sales pace. The median existing-home price for all housing types in March was $212,100, which is 7.8 percent above March 2014.
Homes also sold much faster in March (52 days) than a year ago and 40% of homes sold in March were on the market for less than a month.
So what’s the breakdown?
According to NAR, 30% of the home sales in March were first-time buyers. All-cash sales were 24 percent of transactions in March, which is actually down from 26 percent in February. Distressed sales (foreclosures and short sales) accounted for 10 percent of sales in March.
Single-family home sales were up 5.5 percent and condominium sales increased 11.1 percent.
Another encouraging statistic of the improving economy is the one million formerly distressed owners that are now eligible for Federal Housing Administration or similar financing programs and may purchase a home again. It is also predicted that an additional 1.5 million are likely to become eligible over the next five years.