The Spring home buying season has gotten off to a booming start! The National Association of Realtors reported this week that existing home sales increased 6.1 percent to a seasonally adjusted annual rate of 5.19 million from 4.89 million in February which is the highest annual rate since September 2013. Lawrence Yun, NAR chief economist, says the housing market appears to be off to an encouraging start this Spring. “After a quiet start to the year, sales activity picked up greatly throughout the country in March,” he said. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”
The NAR also released some interesting sales information. The national median home price is $212,100 and $187,900 in the south region. Single-Family home sales increased to 4.59M from 4.35M in February and Condo sales rose to 600,000 units from 540,000 units in February. Properties typically stayed on the market for a shorter time in March (52 days) compared to February (62 days) and down considerably from a year ago (33 percent).
If you are looking for a new home this Spring, check out our current inventory. We are building in Brookhaven, Grant Park, Old Fourth Ward, Ormewood Park, Reynoldstown, Riverside and Sandy For more information about our homes, contact Scott Eaves at (404) 518-3820 or scott@epicdevelopment.com.