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NAR: Home-sales activity increased in March

Posted on Thursday, April 23, 2015 at 8:24:45 AM

The beginning of 2015 has been fairly quiet, with only a steady amount of home sales, relatively low residential financing rates and few drastic fluctuations of note.

Even so, conditions have steadily improved recently, especially for home sales. According to the National Association of Realtors, existing-home sales - including single-family homes, townhomes, condos and co-ops - increased 6.1 percent from February to March. Overall, the total number of sales reached a seasonally adjusted annual rate of 5.19 million units.

"After a quiet start to the year, sales activity picked up greatly throughout the country in March," explained Lawrence Yun, chief economist for the NAR. "The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years."

When it comes to the top markets to buy, Zillow analyzed a number of buying and selling patterns this spring. Based on the results, the best buyers' market was Philadelphia, followed by Chicago, Cleveland and the Miami-Fort Lauderdale area.

To determine these results, Zillow looked at time spent on the market, selling price and comparison to original asking price.