MetroIntelligence Economic Update by P. DUFFY
Existing home sales dip 2.7 percent in March and 4.5 percent year-on-year
Existing-home sales fell for the second straight month in March to a seasonally adjusted annual rate of 5.77 million. Sales were down 2.7% from the prior month and 4.5% from a year ago. With slower demand, the inventory of unsold existing homes increased to 950,000 as of the end of March. That would support 2.0 months at the monthly sales pace.
The median existing-home sales price rose to $375,300, up 15% from one year ago.
Building permits rise 0.4 percent in March and 6.7 percent year-on-year
March building permits were at an annual rate of 1.87 million, up 0.4 percent from February and 6.7 percent year-on-year. Single‐family authorizations were 1,147,000, down 4.8 percent from February.
Housing starts up 0.3 percent in March and 3.9 percent year-on-year
March housing starts in March were at an annual rate of 1.79 million up 0.3 percent from February and 3.9 percent year-on-year. Single‐family housing starts were 1.2 million, down 1.7 percent from February.