Existing Home Sales Rise To Stronger Than Expected Rate

Supply is coming into the market and sales are improving. At the same time, sellers are getting what they're asking. Existing home sales rose 1.1 percent in March to a stronger-than-expected 5.600 million annualized rate. Supply on the market jumped 5.7 percent in the month to 1.670 million units to lift supply relative to sales to 3.6 months from 3.4.

The median price rose 3.9 percent in March to $250,400 which is up 5.8 percent year-on-year and roughly tracking at the FHFA and Case-Shiller rates, in data that will be updated tomorrow.

The West is out front in sales growth though sales in March did dip. The Northeast remains the tail ender.

Though March is solid, resale trends aren't that strong, evidenced by the year-on-year rate which is in the negative column at minus 1.2 percent. Watch for new home sales tomorrow where March strength is also the call.