San Francisco

U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.

New Listings were up 11.5 percent for single family homes and 11.8 percent for Condo/TIC/Coop properties. Pending Sales increased 0.5 percent for single family homes and 13.9 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 3.5 percent to $1,809,188 for single family homes but decreased 4.0 percent to $1,104,200 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 16.7 percent for single family units and 14.0 percent for Condo/TIC/Coop units.

Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.