The seasonally adjusted annual rate of 5.60 million is the highest rate since February 2007
Existing-home sales are up 3.2 percentage points, according to NAR
Tight inventory and skyrocketing prices will slow sales in 2017
NAR chief economist says 'lack of supply is stifling the efforts of many prospective buyers'
The share of first-time buyers was 33 percent, the highest since February 2012
But low inventory woes have yet to dissipate
Lack of inventory housing myth
The West and South witnessed the largest immediate gains in contract signings
The second consecutive month of increased sales was primarily driven by activity in the Midwest
The housing market shows resilience, but supply remains a major barrier
Miami-Dade's neighbors to the north are experiencing declining home sales activity and fewer cash deals
And they're predicted to keep rising
March numbers are down, but not for long
NAR's Pending Home Sales Index made promising strides in February, and the increased supply for buyers could affect home prices
Anxiety about the economy and rising prices are keeping buyers at bay