March home sales defy expectations

USATODAY.com – March home sales defy expectations:

Existing home sales jumped more than expected last month, while the median price soared 11.4% from March 2004 — the biggest year-over-year leap since 1980, a trade group said Monday in a report that belied predictions of a slowing market.

The National Association of Realtors said sales of existing homes, town houses, condominiums and co-ops, which account for about 85% of all home sales, rose 1% to a seasonally adjusted annual rate of 6.89 million in March. That’s the third-highest sales figure on record, well above economists’ predictions for an essentially flat sales month.

I am sure all the doomsayers will take this as another sign that the end is near, but …

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