Existing-home sales rose to a ten-year high in March.
The National Association of Realtors will release its monthly report on existing-home sales at 10 a.m. ET.
Economists forecast that sales of existing condos, coops, and single-family homes fell 1.1% at a seasonally adjusted annual rate of 5.65 million. Sales rose to a ten-year high in March, at a pace of 5.71 million.
Mortgage applications climbed for three straight months through May, showing that demand remains strong even though the inventory of affordable homes is low and prices are rising faster than wages.
Earlier this year, the NAR noted that wealthier buyers who were willing to pay in cash made up an above-average share of the market and held a competitive advantage over first-time buyers.
Existing-home sales rose to a ten-year high in March. Read Full Story
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