Strong Numbers Continue

March's national home sales numbers are in and they look strong. Sales rose 5.1% over March 2015, signalling a sturdy demand in the housing market. This is according to the National Association of Realtors. Overall, the first quarter of 2016 was 4.8% higher than last year.

That robust demand continues to boost prices. The median price rose 5.7% compared to a year ago, to $222,700. That growth rate is more than double the average wage gains, which is keeping a lid on first-time home buyers. That meant the demographic held at 30% of all home buyers, both this year and last.

The impact of new mortgage regulations known as “Know Before You Owe,” or TRID, seems to be dissipating, though the new requirements are now adding about three or four days to closing times, according to NAR.