More people put their homes on the market in February and homes sales jumped to their fastest pace in more than three years, reported the National Association of Realtors on Thursday.
The number of available homes for sale rose 10% last month, said the NAR, marking the first monthly gain since April 2012. Analysts believe the increase should help sales in the coming months and see it as a sign that more Americans believe the housing market is strengthening.
The NAR also reported that sales increased at the fastest pace since November 2009, with purchases up 0.8% in February from January to a seasonally adjusted annual rate of 4.98 million. Last month’s sales pace was also 10.2% higher than February a year ago.
Photo Above: The spectacular Georgian estate at 3384 Stone Ridge Lane, situated on a 5-acre, one-of-a-kind promontory in Bel Air’s coveted Stone Ridge guard-gated community.