U.S. existing home sales doubled expectations in March, jumping 6.1% to 5.19 mln units annualized, the largest % increase since December 2010 and the highest since September 2013 (or 1½ years). The increase (for both singles and condos) comes on the heels of an upwardly revised February (to 4.89 mln, from 4.88 mln initially).
The number of homes available to any buyer who has funding and/or good credit remains low, by historical standards but it has crept higher for two months in a row. Total inventory of homes for sale cracked the 2 mln mark for the first time in four months.
"Borrowing costs are still low, and the multi-year low jobless rate is a good source of support for those in the market looking to buy a home. This is particularly so for first-timers. They made up 30% of home sales last month, the largest share in four months." said BMO Capital Markets
