by Mike ‘Mish’ Shedlock
Existing home sales bounced 5.1% from February’s steep decline of 7.3%, originally reported as -7.1%.
Sales came in at a 5.330 million seasonally adjusted annualized rate (SAAR), better than the Bloomberg Econoday consensus estimate of 5.286 million.
Existing home sales rose more than expected in March, up 5.1 percent to a 5.330 million annualized rate that, however, fails to reverse a downwardly revised 7.3 percent drop in February. And the year-on-year rate, at only 1.5 percent, is decidedly weak. But looking at the first quarter as a whole, which is important for housing data given their volatility, existing home sales are up a much more respectable 4.8 percent.
March’s gain is led by the most important component, single-family homes where the rate rose 5.5 percent in the month to 4.760 million. Year-on-year, single-family homes are up 2.6 percent. The showing for condos is less convincing, up only 1.8 percent in the month for a year-on-year decline of 6.6 percent.