Existing Home Sales Increased 6.8% in March, NAR

The National Association of Realtors said existing home sales jumped 6.8% in March, to 5.35 million units on an annualized basis from 5.01 million in February. The results were stronger than what economists were estimating, and sales were 16.1% above the 4.61 million level of March of 2009.

NAR: “Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8 percent below a year ago, and is 21.7 percent below the record of 4.58 million in July 2008.”

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