Sales of Existing U.S. Homes Rise to Fastest Pace in a Decade

Sales of previously owned U.S. homes rose more than forecast in March to the fastest pace in a decade, signaling sustained momentum in the housing market despite higher prices and scarce supply, a report from the National Association of Realtors showed Friday.

The stronger-than-expected pickup indicates that steady hiring and healthier household finances continue to underpin demand. That’s coming even as the tight supply keeps boosting property prices faster than wage growth, making them more of a hurdle for potential buyers, though mortgage rates have fallen in recent weeks following a post-election surge. While March data released earlier this week showed single-family housing starts eased, they remain close to the highest level in almost a decade.