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Wednesday
Apr202011

Existing Home Sales Rose 3.7 Percent in March

Stockbyte/Thinkstock(CHICAGO) -- Existing home sales rose 3.7 percent in March to an annual pace of 5.1 million, according to the latest figures released Wednesday by the National Association of Realtors.

NAR spokesman Walter Molony says the latest report is a good for the housing market.

"Buyers are responding now to very affordable home prices and low interest rates.  And home sales have risen now in six out of the past eight months so we're on a recovery path, even with tight mortgage credit," Molony says.

Molony adds that an improving economy and projected increases in rents are playing a role in moving buyers back into the housing market.

"We've been seeing them come back on their own without a tax stimulus," he says.  "And some renters now are looking to home-ownership as a hedge against inflation."

Despite the progress last month, Molony notes that existing home sales are "still 6.3 percent behind a year ago when we had a tax credit."

Copyright 2011 ABC News Radio

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