Existing-home sales fell in March but remain ahead of last year's sales rates, according to the National Association of Realtors.
Overall home sales-including single-family and multifamily homes-declined 2.6 percent to a seasonally adjusted annual rate of 4.48 million in March from an upwardly revised 4.60 million in February. Still, sales are 5.2 percent above the 4.26 million-unit pace reached in March 2011. Single-family home sales declined 2.5 percent to a rate of 3.97 million in March from 4.07 million in February, but are 5.9 percent above the 3.75 million-unit pace a year ago.
"The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases," said Lawrence Yun, NAR chief economist. "Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. 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."
"We were expecting a seasonal increase in home listings, but a lack of inventory has suddenly become an issue in several markets with not enough homes for sale in relation to buyer interest," Yun said. "Home sales could be held back because of supply factors and not by demand-we're already seeing this in the Western states and in south Florida."
Even with March's declines, the first three months of 2012 marked the strongest start to the year for existing-home sales since 2007, The Wall Street Journal reported.
