news-record.com

Sales of existing and new home sales rose in March, the most recent month from which official sales data have  been reported. This reflects the continuing but uneven recovery that began after sales bottomed last July, according to the National Association of Realtors.

Existing-home sales — completed transactions that include single-family, townhomes, condominiums and co-ops — increased 3.7 percent to a seasonally adjusted annual rate of 5.1 million in March from an upwardly revised 4.9 million in February, but they are 6.3 percent below the 5.4 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the homebuyer tax credit.

Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain ­— primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows,” he said.

Sales of newly built, single-family homes rose 11.1 percent to a seasonally adjusted annual rate of 300,000 units in March, the U.S. Commerce Department reported. The gain partially offsets a large decline that occurred in new-home sales in February — when activity hit a record low due partly to poor weather conditions.

Pending home sales were also up in March. These are transactions that were contracted but not closed. Based on contract signings, pending sales rose 5.1 percent from the previous month, according to NAR.

Jim Woodard writes for Creators Syndicate, www.creators.com.