March home sales increased over the previous month for the first time in 2014, rising 24.6% from February, in addition to all 52 metro areas surveyed reporting an increase in sales over February, according to the latest RE/MAX National Housing Report.
But despite the month-over-month rise, home sales were down 10.1% from year ago levels.
The median price of homes sold in March was 8.8% higher than the median price in March 2013. Low inventory continued to cause home prices to rise, especially in markets that have experienced an accelerated recovery.
In addition, March marked the 12th consecutive month with fewer inventory losses than the previous month.
"Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer,” said Margaret Kelly, RE/MAX CEO.
“Many potential homebuyers who weren't able to get out and tour homes in January and February may still enter the market and impact sales in the next few months," Kelly added.
