Existing-home sales, including single-family homes, townhouses, condominiums and co-ops, edged lower in March, as the inventory thinned and property values appreciated slightly.
According to a report from the National Association of Realtors, home buying activity dipped 2.6 percent from the previous month to an annual rate of 4.48 million units. However, despite the month-over-month decline, the rate was 5.2 percent higher than it was a year earlier.
"The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases," said NAR chief economist Lawrence Yun. "Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year."
Meanwhile, although fewer homes were sold last month, the national inventory level fell 1.3 percent to an estimated 2.37 million units. These properties subsequently saw their values appreciate by 2.5 percent from March 2011 to a median price of $163,800.
As the marketplace enters its peak season that often occurs in the spring and summer months, prospective homeowners might want to start gearing up for the buying process as housing conditions continue to improve.
