Home Sales Surge During the Month of March.

According to a recent news release from the National Association of Realtors® pending home sales, during March 2015, remain at their highest level since June 2013. Lawrence Yun, NAR chief economist, says more buyers entered the “competitive” spring market this year than usual. Compared to a year ago, a long-term homeowner trend is replacing the previous trend of investors paying cash.

Yun expects a gradual improvement in home sales in the months ahead, but says insufficient supply and accelerating prices could be a drawback to sales reaching their full potential. “Demand in many markets is far exceeding supply, and properties in March sold at a faster rate than any month since last summer2,” he said. “This in turn has pushed home prices to unhealthy levels — nearly four or more times above the pace of wage growth in some parts of the country. Simply put, housing inventory for new and existing homes needs to improve measurably to improve affordability.”

Want to hear more about market trends? Like us on Facebook, or follow us on Twitter .