Existing home sales across the U.S. bounced back in March, up 5.1% from February, and remained slightly up from a year ago, by 1.5%. The “bounce back” was a reference to a dip in home sales between January and February 2016, despite growth year-over-year. Today’s report from the National Association of REALTORS® (NAR) was much more inline with expectations for this time of year.
The figures from NAR include a seasonally adjusted annual rate (SAAR), not actual counts or averages, and highlight month-to-month figures. At Boise Regional REALTORS® (BRR), we typically report actual counts or averages, and year-over-year trends. Seasonally adjusted figures and month-to-month comparisons are helpful in gauging the pace of the market as it moves through the usual, annual cycle.
To draw comparisons to NAR’s report, the following local numbers have been seasonally adjusted and will therefore differ from those that were reported in our most recent local market report, however, the overall trends remain the same…
- Existing home sales in the Boise region have been strong year-over year since December of 2014.
- As of March 2016, existing home sales in Ada County were up 36.4% SAAR compared to February 2016, and up 8.0% SAAR compared to March 2015.
- Canyon County saw existing home sales jump 45.7% SAAR over February 2016, and 10.0% SAAR over March of 2015.
- This is compared to more modest increases nationwide, with existing home sales up 5.1% SAAR over February 2016, and up just 1.5% SAAR over March of last year.
National statistics are great for bench marking, but local statistics — and the advice of a REALTOR® — are best for consumers looking for information specific to their situation. Visit boirealtors.com/category/market-statistics for more local insights.
NOTE: NAR’s existing home statistics include activity for single-family homes, town homes, condominiums, and co-ops combined. The numbers from BRR focus solely on single-family homes with or without acreage, due to the overwhelming market share of those types of properties in our region.
