Existing Home Sales rose to an annual rate of 5.47 million, representing an 11% increase year-over-year.
Inventory levels remain below the 6-month supply needed for a normal market at a 4.0-month supply.
Lawrence Yun, NAR's Chief Economist, warns: "The spring buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand."
The National Association of REALTORS® surveyed their members for their Confidence Index
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
Homes sold in less than 60 days in 39 out of 50 states and Washington D.C.
Only Vermont had a median sold date longer than 90 days.