Existing home sales took off in March to their highest pace in more than 10 years, according to the National Association of Realtors.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.4 percent. The March sales pace was 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007.
"The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month," National Association of Realtors chief economist Lawrence Yun said in a statement.
"Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does."
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