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March 2017 News
Sales Start Fast in 2017 | Data Report
According to the National Association of Realtors®, sales of existing homes jumped out to a fast start in 2017, eclipsing a recent high and hitting the quickest pace in nearly a decade. All major regions except for the Midwest saw sales growth last month.
Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops), bumped up 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January from 5.51 million in December 2016. January's sales velocity is 3.8 percent above one year ago (5.48 million) and eclipses November 2016 (5.60 million) -- this is the quickest pace since February 2007 (5.79 million).
NAR's chief economist, Lawrence Yun, indicated that January's sales increase points to stability among consumers despite a rising interest rate environment. "Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home," Yun said.
Housing Data Takeaways
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