Vero Beach home sales continue to increase as more and more homes come on the market, a sign of strength in housing as the Spring home buying season swings into high gear.
Vero Beach home sales have been constrained by a shortage of properties on the market, which has pushed up home prices and limited choices for potential buyers.
Vero Beach Home Sales Rising With Nation
The National Association of Realtors said just recently that existing home sales increased 6.1 percent to an annual rate of 5.19 million units, the highest level since September 2013. The percent increase was the largest since December 2010.
Economists polled by Reuters had forecast home resales rising to only a 5.03 million-unit pace last month.
The report was another indication that the economy is regaining some momentum after hitting a speed bump at the start of the year. But data on retail sales, housing starts and manufacturing suggest the rebound in second-quarter growth will probably be insufficient to convince the Federal Reserve to start raising interest rates in June.
The outlook for housing is favorable against the backdrop of a strengthening labor market.
The Mortgage Bankers Association said applications for loans to purchase homes increased 5 percent last week to the highest level since June 2013. It was the fourth time in five weeks that purchase applications rose.
At March's sales pace, it would take 4.6 months to clear houses from the market, down from 4.7 months in February. A supply of six months is viewed as a healthy balance between supply and demand.
With supply still tight, the median price for a previously owned home increased 7.8 percent from a year ago.
That was the largest percentage gain since February 2014 and suggested that the pace of home price increases, which had been slowing after double-digit growth for much of 2013, appears to be re-accelerating.
First-time buyers accounted for 30 percent of transactions last month, well below the 40 to 45 percent share that economists and realtors say is required for a strong housing recovery.
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