US DATA: Mar existing home sales -2.6% to 4.48 mln, +5.2% y/y (4.62
mln expected) and Feb revised up to 4.60 mln, “still relatively strong
two months,” said NAR chief economist and finishing off the strongest
first quarter since 2007’s first quarter. NAR not seeing a falloff later
in the year this time so expecting 2012 to also be strongest in 5 yrs.
Inventories little changed, at 6.3 months or 2.37 mln units available.
So inventory -21.8 vs year earlier. Nat’l median sales price $163,800
+2.5% y/y. NAR says fewer distressed sales, down to 29% of total from
34% in Feb (40% year ago), is a good sign, along with more sales of
upscale properties in March. Sales down or unchanged in all four
regions, with West down the most, -7.4%.