Warmer weather and a desire to use the first-time home buyer tax credit caused a 5.6% increase in existing home sales last month, the National Association of Realtors reported today.
Sales were at a seasonally adjusted annual rate of 5.35 million units, compared with 5.02 million units in February. Last month's sales represented were 16.1% higher than those of March 2009.
Existing home sales rose from their February levels in the Northeast, Midwest, South and West by 6%, 7.2%, 7.1% and 6.6%, respectively.
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