Sales of previously occupied homes dipped to 4.92M in March as supply remained tight

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In this Tuesday, March 5, 2013, photo, a for sale sign hangs in front of a house in Plymouth, Mass. Sales of previously occupied U.S. homes dipped in March as the supply remained tight. (AP Photo/Steven Senne)

WASHINGTON – Sales of previously occupied U.S. homes dipped in March as the supply remained tight, though the pace remained ahead of last year’s.

The National Association of Realtors says sales dipped to a seasonally adjusted annual rate of 4.92 million, from 4.95 million in February. February’s figure was revised lower.

Sales in March were 10.3 per cent higher than a year earlier.

The number of homes for sale rose 1.6 per cent to 1.93 million. That is still 16.8 per cent below the supply of a year earlier. The Realtors’ group says it expects a rising number of homes to become available.

The median home price rose 11.8 per cent from February to March to $184,300, the biggest one-month gain since 2005. That might have caused some investors to hold off on purchases.

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