Home sales slipped slightly in March but were much higher than levels a year ago.
The Realtors' report on the sale of previously owned homes Monday showed the annual sales rate in March came in at 492,000, down 0.6% from February, but up 10.3% from a year ago.
Recent months have seen improvement in a number of market fundamentals that have lead to a recovery in the housing market. Those factors include a drop in foreclosures, near record-low mortgage rates, rising home prices and a drop in unemployment. All are helping to bring more buyers back into the market. The recovery in housing also has led to a rebound in home building and stronger new-home sales, but the market for previously owned homes dwarfs the new-home market.
Related: 3 reasons the housing recovery may not last
Monday's report provided further evidence of this improvement in market fundamentals. Sales of distressed home fell to 21% of the market from 25% of the sales in February, and 29% a year ago.
Distressed sales include both the sale of foreclosed homes and short sales, which are sold for less than the amount owed on the mortgage. The median price of a home sold in the month rose 6% from February and 11% from a year ago to $184,300. And homes were on the market for an average of about two months, down from 91 days a year ago.
"Multiple bidding is becoming more common, and more homes are selling above the asking price," said Gary Thomas, president of the Realtors. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.98% | 3.90% | |
| 15 yr fixed | 3.15% | 3.03% | |
| 5/1 ARM | 2.76% | 2.72% | |
| 30 yr refi | 3.96% | 3.89% | |
| 15 yr refi | 3.12% | 3.03% |
Today's featured rates:
| Latest Report | Next Update |
|---|---|
| Jobs | June 7 |
| Inflation (CPI) | June 18 |
| Consumer confidence | June 25 |
| Home prices | June 25 |
| GDP | June 26 |
| Manufacturing (ISM) | July 1 |
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