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class="alignleft" src="http://static.move.com/blogs/Housingrecoverychart-wide.jpg" alt="Housingrecoverychart wide Existing Home Sales Surge for Spring" width="212" height="148" title="Existing Home Sales Surge for Spring" />Signaling the start of an expected spring surge, existing-home sales rose in March, according to the href="http://www.realtor.org/press_room/news_releases/2010/04/ehs_favorable">National Association of REALTORS® (NAR).

Jumping 6.8 percent from 5.01 million units in February to a seasonally adjusted annual rate of 5.35 million units last month, existing-home sales, which are completed transactions that include single-family, townhomes, condos and co-ops, are 16.1 percent above the previous year’s 4.61 million-unit level.

id="more-369079">Positive affordability conditions and the href="http://www.move.com/trends/tax-credit-timeline-prepare-for-closing/">homebuyer tax credit have given a boost to the housing market, NAR chief economist, Lawrence Yun confirms. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running. The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

While total housing inventory increased 1.5 percent to 3.58 million existing homes available for sale– representing an 8-month supply at the current sales pace– raw unsold inventory was 1.8 percent below last year and 21.7 below July 2008’s record of 4.58 million.

Up 0.4 percent from the previous year, the national median existing-home price for all housing types was $170,700 in March, with distressed homes making up 35 percent of sales.

Yun further expressed the positive implications of the report indicating that, “with home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears.”

- Jana Schreiber, Move Trends-Getter /> Email: href="mailto:Jana.Schreiber@Move.com">Jana Schreiber@Move.com

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