March sales of existing homes drop 2.6%

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March sales of existing homes drop 2.6% (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Sales of existing homes fell 2.6% in March, the second monthly drop though the sales pace in the first quarter was the best in five years, according to data released Thursday. The National Association of Realtors said sales ran a seasonally adjusted annual rate of 4.48 million, compared to 4.60 million in February. A MarketWatch-compiled economist poll expected 4.63 million, and the NAR previously estimated sales of 4.59 million in February. Year-over-year, sales were up 5.2%, the ninth straight month of year-on-year gains. Median prices rose 2.5% to $163,800, which NAR Chief Economist Lawrence Yun attributed to more upper-end homes being sold. Inventories fell 1.3% to 2.37 million homes, or a 6.3 month supply at current sales prices.

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