After stumbling in February, sales of existing homes rose 3.7 percent in March from the month before, according to a National Association of Realtors report released today. Completed sales of existing single-family homes, townhomes, condominiums and co-ops fell 6.3 percent compared to March 2010 -- when a federal homebuyer tax credit program elevated sales -- to a seasonally adjusted annual rate of 5.1 million units."With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain -- primarily because some buyers are finding it too difficult to obtain a mortgage," said Lawrence Yun, NAR's chief economist, in a statement.He said the generally upward trend in monthly existing-home sales suggests the housing ma...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.