Existing home sales grew 6.1% to a seasonally adjusted 5.19 million-unit rate in March from an upwardly revised 4.89 million pace the previous month, the National Association of Realtors announced Wednesday.
The February rate was originally reported as a 4.88 million pace.
The March rate represents a 10.4% increase from the same month a year ago, and was above the median 5.03 million unit pace predicted by economists polled by Thompson Reuters.
NAR chief economist Lawrence Yun was encouraged by the growth. "After a quiet start to the year, sales activity picked up greatly throughout the country in March," he said. "The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years."
Sales in March were up in all four regions. They rose 6.9% in the Northeast, 10.1% in the Midwest, 3.8% in the South, and 6.3% in the West.
The median sales price was $212,100 in March, a 7.8% increase from a year ago.
Inventory levels grew 5.3% from the previous month to 2.00 million existing homes, representing a 4.6-month supply at the current pace. Inventory was up 2.0% from the March 2014 level.
"The modest rise in housing supply at the end of the month despite the strong growth in sales is a welcoming sign," said Yun. "For sales to build upon their current pace, homeowners will increasingly need to be confident in their ability to sell their home while having enough time and choices to upgrade or downsize. More listings and new home construction are still needed to tame price growth and provide more opportunity for first-time buyers to enter the market."
