Sales of previously owned homes surged in March, in part because buyers rushed to take advantage of a soon-to-expire tax credit, though affordable prices and low interest rates also played a role, according to an industry report released Thursday.
Existing-home sales jumped 6.8 percent in March from February, to a seasonally adjusted annual rate of 5.35 million units, the National Association of Realtors reported. Sales were up 16 percent from the comparable period a year earlier, the group said.
Every U.S. region experienced gains, led by a 7.2 percent increase in the Midwest. The uptick has helped clear out an excess supply of homes on the market, a key step toward stabilizing prices.
The report highlighted an $8,000 tax credit available to some first-time home buyers and a $6,500 tax credit available to certain homeowners who buy a new primary residence as key elements in having juiced sales. To qualify for either refund, buyers must sign a contract by April 30 and close by June 30. A similar program was available last year.
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