Existing Home Sales Increase in March

Washington, DC, April 20, 2011 -- Resales of single-family homes and condos rose 3.7% in March to a seasonally adjusted annual rate of 5.1 million, the National Association of Realtors reported Wednesday.

Economists expected sales to rebound to a rate of 5 million units in March.

Sales fell a revised 8.9% in February to 4.92 million units, up from the initial estimate of an 9.6% drop to 4.8 million units.

The median price of homes sold was down 5.9% from last year at $159,600.

Inventories of existing homes for sale rose 1.5% to 3.55 million, representing 8.4 months' supply, down from 8.5 months in February.