The National Association of Realtors announced today that existing home sales in March increased 6.8 percent as compared to February 2010. While home sales were up, the inventory of unsold homes also rose 1.5 percent to 3.58 million units, representing an 8.0 month supply.
“After a three-month slide, existing home sales staged a comeback in March. Buoyed by the unseasonably warm weather, home owners were out en masse scooping-up bargain-priced real estate,” said Bob Walters, chief economist at Quicken Loans. “Adding to the increase in sales is the looming deadline of the government’s first-time homebuyer tax credit, which is set to expire at the end of this month.”
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