Existing Home Sales Up Sharply from 2012
Washington, DC, April 22, 2013 -- Existing-home sales fell 0.6% in March from February to a seasonally adjusted annual rate of 4.92 million, although they were substantially higher than a year ago, according to the National Association of Realtors.
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However, sales in March were 10.3% higher than during the same period in the prior year.
Low inventory pushed median prices up to $184,300 in March, an increase of 11.8% from the same period in the prior year, the largest year-over-year price growth since November 2005.
Sales of higher priced homes have seen large gains over the past year, as distressed-home sales have decreased.
Economists had annual rate of 5.03 million for March.