U.S. existing-home sales unexpectedly rose 1.7% month-over-month to a seasonally adjusted annual rate of 4.09 million, as lower mortgage rates helped boost buyer activity, according to the National Association of REALTORS® (NAR). Monthly sales increased in the Midwest, South, and West but decreased in the Northeast. Sales increased year-over-year in the South, but fell in the Northeast, Midwest, and West.

Closed Sales increased 12.4 percent for Existing Homes homes and 1.0 percent for New Construction homes. Pending Sales decreased 2.7 percent for Existing Homes homes but increased 14.3 percent for New Construction homes. Inventory decreased 5.3 percent for Existing Homes homes and 1.8 percent for New Construction homes.

Median Sales Price increased 10.5 percent to $309,300 for Existing Homes homes and 10.1 percent to $543,500 for New Construction homes. Days on Market remained flat for Existing Homes homes but increased 8.5 percent for New Construction properties. Months Supply of Inventory decreased 9.5 percent for Existing Homes homes and 5.6 percent for New Construction homes.

Data from NAR show that inventory continued to grow nationwide, ticking up 2.4% month-over-month and 4.9% year-over-year to 1.29 million units heading into March, representing a 3.8-month supply at the current sales pace. Meanwhile, home prices increased for the 32nd consecutive month, climbing 0.3% year-over-year to $398,000.

*Information courtesy of KCRAR and Heartland MLS