As a Realtor in Orange County, California, Gary Thomas lives at the epicenter of the last decade’s epic housing boom and bust that is only now beginning to release the economy from its withering grip.
U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years. The gains were driven by a growing number of buyers who bid on a limited supply of homes.
The number of Americans who signed contracts to buy homes rose in March to the highest level in three years, pointing to higher sales this spring.
Sales of previously occupied U.S. homes dipped in March as the supply remained tight, but the sales pace remained ahead of last year's.
Housing has emerged as the brightest spot in the economy this year, but some analysts are questioning whether the market's recovery is built to last.
Fewer Americans signed contracts to buy homes in February, but the level stayed close to a nearly three-year high. The report suggests sales of previously occupied homes will keep rising in the coming months.
U.S. sales of previously occupied homes rose in February to their fastest pace in more than three years, and more people put their homes on the market. The increases suggest a growing number of Americans believe the housing recovery will strengthen.
Stocks meandered between small gains and losses Monday, cooling off after a rally that had pushed the Standard & Poor's 500 index above 1,500 for the first time since December 2007.
U.S. sales of previously occupied homes dipped in December from November, in part because of a limited supply of available homes. But for all of 2012, sales rose to their highest level in five years.