The housing market has entered spring with plentiful momentum. The strongest labor market in seven years has bolstered consumer confidence. That, coupled with low interest rates, has the existing home sales market on the move. Home prices rose zero point seven percent on a seasonally adjusted monthly basis in February, well ahead of expectations.
Sales of existing homes rose in March by the most in four years according to the National Association of Realtors. According to data compiled by Bloomberg, the number of U.S. households surged by nearly two million in twenty fourteen, setting the stage for recovery in both the single family and rental markets. Home prices have risen by nearly 7 percent in the West Coast over the past year.
The Middle Atlantic region, which for these purposes is defined as New York, New Jersey and Pennsylvania experienced the smallest gain in home prices, less than three percent. Maryland is defined as being part of the South Atlantic region, which also includes states stretching from Virginia down through Florida. Existing home sales prices are up six point four percent in this part of the county over the past year. Nationally, home prices are up by more than five percent.
