US Home Sales Reach a Three-Year Rise, Fuelling Hopes for Market Recovery

The sales of previously occupied homes in the United States are running a three-year high, and more people are choosing to put their houses on the market. This development fuels the hope that the housing industry will strengthen further.

Dallas, TX (prHWY.com) March 27, 2013 - The National Association of Realtors (NAR) recently reported that the sales of existing homes in February reached the highest annual rate since November 2009. News of this development came just as the Conference Board index of economic indicators went up 0.5 percent.

The Federal Reserve said on Wednesday, March 20, 2013, that the US economy had improved "moderately", but still warned about the high unemployment rates.

Home sales grew 0.8 percent since January 2013 to reach an annual rate of 4.98 million units. This is the fastest sales pace that the housing industry experienced in three years. According to the NAR, this boost all came from the sales of condominiums and apartments as the sale of family homes slightly decreased.

Factors like steady hiring and very low interest rates have helped the increase of sales and rates in most markets. NAR further reports that the median price for a house sold in February was at $173,600, which is 11.6 percent higher than last year.

An increasing number of people are also starting to put their houses on the market. This could significantly help sales in the coming weeks and months. The actual quantity of available homes for sale went up 10 percent in February, which is the first monthly increase since April 2012. But even with this boost, the inventory of for-sale houses is still 19 percent lower than a year ago.

The chief economist at Trulia, Jeff Kolko, said that the increase in for-sale homes on the market is a good sign, as it suggests that more Americans are gaining confidence in the recovery of the housing industry. This development could end the inventory squeeze that has provided back sales in several markets.

Ken Goldstein, an economist at the Conference Board, said in a statement: "The US economy is growing slowly now, and with this reading increases hope that it may pick up some momentum in the second half of the year."

The US Federal Reserve stated on a report last Wednesday, March 20, 2013, that the economy had strengthened "moderately", but still required stimulus procedures to support the recovery.

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