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US Existing Home sales rose 6.4% to 5.19 million in March, highest since 2013
FXStreet (Mumbai) - The existing home sales rose in March to its highest level since September 2013 due to sustained job growth and low borrowing costs.
The sales of previously owned homes rose 6.1% in March to 5.19 million, beating the estimate of a 3.00% rise. The last month’s figure stands unrevised at 4.88 million.
According to economists, employment gains, low mortgage rates and better weather could unleash pent-up demand as the spring selling season gets under way. Compared with a year earlier, purchases increased 13.5% in March on an unadjusted basis.
Last week commerce department data had shown that housing starts rose less than forecast from the weakest pace in more than a year.
