US Existing Home Sales in March Rose Modestly to 5.1M
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The National Association of Realtors said Wednesday the sale of previously-owned homes within the US climbed 3.7 percent to an annual rate of 5.1 million.
While the metric was up from a revised 4.92 million homes reported during February, the move higher in existing home sales was meager at best. Most pundits and economists continue to believe the housing market remains one of the major overhangs looming over the US economic recovery.
Economists had been looking for previously-owned home sales to rise 2.5 percent to just 5 million units.
The Association suggested 40 percent of the existing home sales could be attributed to distressed properties.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 1.5 percent Wednesday.
While the metric was up from a revised 4.92 million homes reported during February, the move higher in existing home sales was meager at best. Most pundits and economists continue to believe the housing market remains one of the major overhangs looming over the US economic recovery.
Economists had been looking for previously-owned home sales to rise 2.5 percent to just 5 million units.
The Association suggested 40 percent of the existing home sales could be attributed to distressed properties.
The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 1.5 percent Wednesday.
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