The National Association of Realtors (NAR) reported today that existing home sales rose higher in March. Single family home, condominium, townhome and co-op sales edged higher to 6.92 million units in March, up from 6.90 million in February, according to an NAR press release. Existing home sales slid slightly from last year's record high of 6.97 million, a decrease of 0.7 percent.
David Lereah, NAR's chief economist, said this trend supports what he has said all along about the housing market.
It’s a good sign to see home sales holding close to the level of a strong rebound in the month before,” said Lereah. “This is additional evidence that we’re experiencing a soft landing. We may see some minor slowing in home sales as interest rates rise, but the market clearly is stabilizing.
Lereah said he expects 2006 to be the third strongest year on record for home sales. Interest rates averaged 6.32 percent in March, up from 6.25 percent in February for the 30-year fixed rate mortgage, up from 5.93 percent in March 2005.