WASHINGTON — Sales of previously owned homes unexpectedly dropped in March, showing uneven progress in the industry.
The National Association of Realtors said Monday that 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 percent higher than a year earlier.
Sales have remained mostly unchanged in the past four months — largely, analysts say, because of a limited supply of homes. Economists still expect the housing market to continue recovering this year.
The low supply, combined with rising demand for housing, could accelerate construction in coming months. The Realtors' group said buyer traffic is 25 percent higher than it was a year ago.
Read Tuesday's Arkansas Democrat-Gazette for more details.