Existing home sales down in March

April 19, 2012 at 11:42 AM

WASHINGTON, April 19 (UPI) -- Sales of existing homes fell 2.6 percent from February to March, as inventory tightened, the National Association of Realtors said Thursday.

Existing home sales in March came in at a seasonally adjusted annual rate of 4.48 million, up from an upwardly revised 4.6 million in February.

Sales for March were 5.2 percent above the pace of sales in the same month a year earlier.

"The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases," said NAR Chief Economist Lawrence Yun.

"With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year," he said.

NAR said the median sales price for existing homes in March was $163,800, up 2.5 percent from a year earlier.

The report said the inventory of homes for sale fell 1.3 percent to 2.37 million, which comes out to a 6.3-month supply at the current rate of sales.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Lawrence Yun
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Compact cannon for British armored vehicles
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules