(April 27, 2004) -- Existing single-family home sales rose strongly in March to the second-highest level on record, according to the
NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales increased 5.7 percent to a seasonally adjusted annual rate* of 6.48 million units in March from an upwardly revised pace of 6.13 million units in February. Last month's sales activity was 12.7 percent above the 5.75 million unit level in March 2003; the record is 6.68 million in September 2003.
David Lereah, NAR's chief economist, said low interest rates get most of the credit for last month's performance, but he noted interest rates are now rising modestly. "The housing needs of a growing population timed nicely with historically low mortgage interest rates and a rebounding economy in March," Lereah says. "Although interest rates are rising modestly, an improving job market is creating a favorable backdrop for home sales, but at a somewhat slower pace in the months ahead."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.45 percent in March, the second lowest on record, down from 5.64 percent in February. It was 5.75 percent in March 2003; the record low is 5.23 percent set in June 2003.
The national median existing-home price was
$174,100 in March, up 7.4 percent from March 2003 when the median price was $162,100. The median is a typical market price where half of the homes sell for more and half sell for less.
Source:
www.realtor.org
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Household Income
MOST RECENT STATISTIC: $42,409
PERIOD COVERED: 2002
Date Released: Sept. 2003
Next Release: Sept. 2004
2002 2001 2000 1999
Median 42,409 $42,228 $41,990 $40,696
1998
$38,855.
1-Yr. Change, nominal 0.4% 0.6% 3.2% 4.7% 5.0%
1-Yr. Change, real (1.1%) (2.2%) (0.2%) 2.5% 3.6%
Source: U.S. Census Bureau