Home sales vault to 18-month high as supply improves

As a sign of strength in the housing market ahead of the spring selling season, U.S. home re-sales surged to their highest level in 18 months in March as more homes came on the market.

Home Sales vault to 18-month highExisting home sales increased 6.1 percent to an annual rate of 5.19 million units in March, the highest level since September 2013. The percent rise was the largest since December 2010.

Last month’s sales outpaced economists’ expectations for a 5.03 million-unit rate.

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Source: Reuters