U.S. existing home sales rose 6.8 percent between February and March, according to data from the National
Association of Realtors (NAR). March was the ninth consecutive month in which home sales rose above the yearago
level, and unsold inventory has now declined for 20 consecutive months. While the now-expired homebuyers’
tax credits were a major factor behind recent gains in home sales, NAR economists say stabilizing home values
and gradual improvements in homebuyer confidence will be enough to sustain the housing recovery going
forward. March home sales in each of the four U.S. regions increased from February, and March sales rose over
the year by anywhere from 13.9 percent in the South to 25.4 percent in the Northeast.
The count of Metro Denver existing home sales nearly doubled between February and March as local buyers
rushed to receive tax credits. The March sales total was 12.4 percent higher than the year-ago sales level, and the
month’s brisk activity helped home sales for the entire first quarter rise 2.8 percent above sales from the first
quarter of 2009. Better home sales activity has also contributed to higher home prices. The Metro Denver average
selling price for single-family homes in March was 9.3 percent above the year-ago average, and the average
selling price for condominiums rose four percent over-the-year.
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