NAR: Existing homes sales up in March

Sales of existing homes within the US property market continued on the long road to recovery in March, the latest figures suggest.

With sales bottoming out last July, news that the number of transactions completed over the course of the month increased is sure to be welcomed by investors.

A seasonally-adjusted 3.7 per cent growth in single-family, townhomes, condominiums and co-op sales was recorded in March, the National Association of Realtors (NAR) revealed.

Lawrence Yun, NAR chief economist, said that he expected the improving sales pattern within the US market to continue.

"Existing-home sales have risen in six of the past eight months, so we're clearly on a recovery path," he said.

"With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain."

However, Mr Yun noted that a number of potential home buyers are still facing difficulties when it comes to obtaining a mortgage.

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