Home sales slipped slightly in March, according to the latest reading from the National Association of Realtors, but were at much stronger levels than a year ago, CNNMoney reported.
The Realtors' report today on the sale of previously owned homes showed the annual sales rate in March came in at 492,000, down 0.6 percent from February, but up 10.3 percent from a year ago.
Recent months have seen improvement in a number of market fundamentals that have led 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. Read more.
CNNMoney also reported that the recovery in the housing market is precarious and it identified that three threats to a continued rebound. Click here to read more.
The sales report, which did not live up to analysts expectations, combined with disappointing corporate earnings to lead stocks lower, after the Standard & Poor's 500 index reach its lowest level in five months last week, Bloomberg reported. Read more.