Sales of U.S. Existing Homes Probably Climbed for Third Month
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Sales of previously owned U.S. homes probably rose in March for a third month to reach the highest level since late 2009, further evidence of an improving real-estate market, economists said before a report today.
Purchases (ETSLTOTL) climbed 0.4 percent last month to a 5 million annualized rate, according to the median forecast of 66 economists surveyed by Bloomberg before data from the National Association of Realtors in Washington. The last time sales exceeded a 5 million pace was November 2009, when first-time homebuyers rushed to take advantage of a temporary tax credit.
Historically low mortgage rates, rising property values and job growth are helping repair the housing market, giving the world’s largest economy a boost. At the same time, lean inventories of available properties may be limiting the pace of progress in the industry.
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