Auction.com has revised its Real Estate Nowcast report for March and is now forecasting sales for the month to be ‘stronger than predicted.’
The firm is now forecasting that existing-home sales for the month will fall between seasonally adjusted annual rates of 4.9 million and 5.22 million, with a targeted number of 5.06 million.
Last week, Auction.com's Nowcast predicted that March home sales would run at an annual rate between 4.83 million and 5.12 million, with a target number of 4.97 million. That's up 1.9% from 4.88 million units February and up 5.8% from 4.59 million units in March 2014.
‘We've seen two consecutive months of strong pending home sales reports from the National Association of Realtors, and what we're seeing in both Google Trends data and our own online transactional data indicates that we can expect a stronger March than originally projected,’ explains Rick Sharga, executive vice president for Auction.com, in a release. ‘Existing-home sales have been improving but at a fairly tepid rate. After starting 2015 with two awfully lackluster months, March may usher in a more exciting spring selling season for the housing market.’