Real estate sales spike 16% in March

NAR credits tax credit for surge

Homebuyers were out in force in March, raising the existing-home sales rate both month-to-month and year-over-year, according to a report by the National Association of Realtors.

Sales of existing single-family homes, townhomes, condominiums and co-ops jumped 16.1 percent to a seasonally adjusted annual rate of 5.35 million units compared with 4.61 million units in March 2009, the report said. Sales rose 6.8 percent from February’s 5.01 million units.