Auction.com revised its March forecast for existing home sales, predicting sales for the month will be slightly higher than estimated thanks to recent strong housing reports.
Auction.com’s Real Estate Nowcast was adjusted to project that existing home sales for the month will fall between 4.9 and 5.22 million, with a targeted number of 5.06 million.
Based on the latest Google Trends data and updated housing market data tracked by Auction.com – which together indicate a shift in March home sales – the adjusted Auction.com Nowcast projections are slightly higher than those released on March 24. The original Nowcast called for a range between 4.83 and 5.12 million, with a targeted number of 4.97 million.
This is also a more positive forecast than the original weakened existing homes sales prediction for the start of the year.
“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,” explained Auction.com Executive Vice President Rick Sharga.
“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,” he continued.
The most recent pending home sales report in February from NAR recorded that sales surged to their highest level since June 2013, continuing the record high set last month.
