Quick Facts
U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
New Listings in the North Texas region were up 14.7 percent to 18,672. Pending Sales decreased 7.6 percent to 10,231. Inventory grew 27.3 percent to 43,776 units.
Prices moved higher as Median Sales Price was up 1.4 percent to $375,000. Days on Market increased 21.4 percent to 68. Months Supply of Inventory was up 27.8 percent to 4.6, indicating that supply increased relative to demand.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.