Home Sales up in Signs of Strong Spring Selling Season

Home resales rebounded more than expected in March as supply improved, suggesting the housing market recovery remained intact despite signs that economic growth probably stalled in the first quarter. The sales surge at the start of the spring selling season was a sign of confidence in the economy, and the momentum is expected to be sustained given low mortgage rates, recent stock market gains and a firming labor market, analysts said. “There cannot be too much wrong with the economy if consumers keep buying new homes. It shows confidence,” said Chris Rupkey, chief economist at MUFG Union Bank in New York. The National Association of Realtors said on Wednesday that existing home sales surged 5.1 percent to an annual rate of 5.33 million units last month, beating economists’ expectations for a 3.5 percent increase. Sales were up 1.5 percent from a year ago.

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