Existing home sales (single-family plus condos), which measure actual closings, decreased 2.6 percent in March to a seasonally adjusted annual rate of 4.48 million units pace. Even with the decrease, the first quarter average of 4.57 million is the strongest first quarter in 5 years.

Compared to one year ago, existing home sales were higher by 5.2 percent. This represents nine straight months of year-over-year gains.

The national median existing home sales price in March was $163,800, which is an increase of 2.5 percent from one year ago. Part of the reason for the price lift is due to a greater number of higher-priced homes getting transacted and a slightly lower number of distressed property sales.

Inventories at the end of March decreased slightly to 2.37 million homes available for sale, corresponding to 6.3 months supply of inventory. The inventory count is 22% lower from one year ago and is in essence at a 6-year low point. A significant inventory shortage is developing in south Florida, Phoenix, Anaheim, and Seattle.