In March, US existing home sales rebounded by 3.7% M/M to a total level of 5.10 million, slightly above expectations, while also the previous figure was somewhat upwardly adjusted. The regional details show a mixed picture as sales rose in the Northeast (10.5%M/M) and South (4.5% M/M), while they fell in the Midwest (-10.0% M/M) and West (-7.7% M/M). Single family sales rose by 4.0% M/M, while sales of condos increased by 1.6% M/M. The number of existing homes for sales jumped from 0.518M to 0.549M and months’ supply rose from 9.7 to 10.1. Both median ($199 200 from $197 900) and average ($153 100 from $150 600) prices rose in March.
Since the second half of 2010 US existing home sales started to pick up, but last month’s data disappointed, indicating that the US housing market remains fragile. These data are a welcome sign, providing first signs that the spring selling season took is strong start, which we hope to see confirmed in the coming months.