March Existing-home Sales Rise 6.1% To 5.19 Million Rate

Rebounding from a tough winter, sales of existing homes rose 6.1% in March to a seasonally adjusted annual rate of 5.19 million, the fastest pace in 18 months, the National Association of Realtors reported Wednesday. Economists polled by MarketWatch had expected a March rate of 5.08 million, compared with an originally reported February rate of 4.88 million. On Wednesday NAR tweaked February's pace to 4.89 million. March's sales pace was up 10.4% from a year earlier. The median sales price of used homes hit $212,100 in March, up 7.8% from the year-earlier period. March's inventory was 2 million existing homes for sale, a 4.6-month supply at the current sales pace. The number of homes available for sale was up 2% from the year-earlier period.