The pandemic changed the real estate market for sellers and buyers alike. Here's what to know and how to take advantage of it.
Here's how to navigate the real estate market's new normal
New home sales soar to highest level since 2006
New home sales occurred at a seasonally-adjusted annual rate of 1.021 million in March, the U.S. Census Bureau reported Thursday. It represented the fastest pace of new home sales since 2006. Month-over-month, sales rose 20.7%. Additionally, the Census Bureau revised the sales figure for February up to a rate of 846,000, from the originally reported rate of 775,000. The inventory of homes for sale at the end of March remained unchanged from the month prior, but was down 7% from a year ago.
Existing-home sales fall for second consecutive month as house prices surge to record levels
Existing-home sales declined in March, reflecting the challenges buyers continue to face in the competitive real-estate market. Existing home-sales fell 3.7% to a seasonally-adjusted, annual rate of 6.01 million in March, the National Association of Realtors reported. Compared with a year ago, home sales were up more than 12%. Home prices hit a high of $329,100, reflecting a record pace of price growth at 17.2% from last year.
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