Daily Update (Source: RBC Financial Group
US existing home sales edged lower in March
Apr 22, 2014
- Existing home sales in the US edged downward by 0.2% to 4.59 million annualized units in March 2014 following a 0.4% drop in February. The March level of sales represented the lowest reading since July 2012 although was marginally above the 4.56 million units expected by the markets.
- The inventory of homes available for sale increased by 4.7% to 1.99 million units, thereby leading the monthís supply of unsold homes to rise to 5.2 months from 5.0 months in February.
- The median price of existing homes increased 7.9% from its year-ago level, thereby representing modest deceleration from the 8.7% pace in February and 10.1% pace in January.
- Unseasonably cold weather dampened an anticipated resurgence of housing market activity in the first quarter of 2014 after resales in the fourth quarter of 2013 unwound an earlier
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