There are signs of strength with the U.S. housing market heading into the spring selling season. Resale U.S. home sales hit an 18 month high in March with improved inventories, a real sign that the next quarter will be a good one.
According to the National Association of Realtors existing home sales increased 6.1% to an annual rate of 5.19 million units. This is the highest level seen since September of 2013 and the largest percentage increase since December of 2010.
February's sales pace has been revised to reflect by 10,000 units from 4.88 million to 4.89 million units, higher than economists had predicted. After a slow first quarter these are fairly positive indications that the economy is regaining some momentum. Other data on the economy will most likely be insufficient to convince the Federal Reserve to start raising interest rates in June.
The Naples housing market has been raging despite the end of the winter season with the first week in March producing quite a few sales in the high-end markets of Port Royal, Old Naples, and beachfront homes and condominiums.