From the National Association of Realtors…

Existing-home sales rose 3.7 percent in March from February to a seasonally adjusted annual rate of 5.10 million, but they were 6.3 percent below the 6.44 million pace recorded a year ago, NAR reported this morning. The national median existing-home price fell 5.9 percent from a year ago to $159,600.

Distressed homes (short sales and foreclosures) accounted for 40 percent of all existing-home sales in March, up from 39 percent in February and 35 percent in March 2010. Housing inventory rose 1.5 percent in March to 3.55 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, which is nearly unchanged from the 8.5-month supply available in February.

Existing-home sales rose in three of the nation’s four regions for the month of March, but they remained below year-ago levels in every region. Sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but were 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago.

In the Midwest sales increased 1.0 percent in March to a pace of 1.06 million but were 13.1 percent lower than a year ago. The median price in the Midwest was $126,100, which is 7.1 percent below March 2010.

Existing-home sales in the South rose 8.2 percent to an annual level of 1.99 million in March but were 1.0 percent below March 2010. The median price in the South was $138,200, down 6.6 percent from a year ago.

Sales in the West slipped 0.8 percent to an annual pace of 1.25 million in March and were 3.1 percent below a year ago. The median price in the West was $192,100, which is 11.2 percent lower than March 2010. Wed, Apr 20, 2011