U.S. sales, median increase in March

The nation's tally of existing-home sales increased 5.2 percent in March 2012 compared to March 2011, and the median price rose 2.5 percent to $163,800.

Lawrence Yun, NAR chief economist, says the recovery is in the process of settling into a higher level of home sales. "The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” he explains. "Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”

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