Latest home sales went down 1.5% for a seasonal adjustment yearly rate of 511,000 in March as mentioned by the Commerce Department on Monday. On it, data for March was a clear evidence of steady sailing on the housing market.
Using the March data, it missed economist forecast of a 518,000 pace. On the other hand, February’s data was revised up by around the same amount, to a 519, 000 rate. March’s pace was 5.4% higher than the previous year while serving as the landmark of the fourth consecutive month of sales higher than the 500,000 pace. This is the very first time that occurred since early 2008.
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