The rate of existing home sales in the United States in March increased from the previous month, but was not as robust as the same time in the previous year. This trend was more pronounced in the Northeast, where sales improved despite a series of late season nor'easters but were down considerably on a year-over-year basis.

The seasonally adjusted rate of sales of existing homes—including single-family homes, condominiums, townhomes, and co-ops—stood at 5.6 million in March. This was up 1.1 percent from February's rate of 5.54 percent, but a 1.2 percent decrease from a year ago.

"Robust gains last month in the Northeast and Midwest—a reversal from the weather-impacted declines seen in February—helped overall sales activity rise to its strongest pace since last November at 5.72 million," said Lawrence Yun, chief economist at the National Association of Realtors. "The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford."

Supply levels have been shrinking on an annual basis for 34 consecutive months. While the inventory of 1.67 million existing homes for sale in March was up 5.7 percent from February, it was also down 7.2 percent from March 2017.

The decreasing availability of listings has helped boost home prices, with March marking the 73rd month of year-over-year gains. Existing homes sold during the month had a median price of $250,400, a 5.8 percent increase from the previous year.

Single-family homes sold at a seasonally adjusted annual rate of 4.99 million, an increase of 0.6 percent from February but down 1 percent from March 2017. The median-priced single-family home sold for $252,100, a year-over-year increase of 5.9 percent.

Condominiums and co-ops were selling at a seasonally adjusted rate of 610,000 units. This pace jumped 5.2 percent from the previous month, but was still 3.2 percent below the previous year's rate. The median price for a condominium or co-op sold in March was $236,100, up 4.8 percent from the previous year.

The typical home purchased in March had been on the market for just 30 days before finding a buyer. This was seven days faster than the previous month and four days faster than the previous year. Half of the homes sold in March had been listed for less than a month.

First-time buyers made up 30 percent of existing home sales in March. This was up slightly from February's share of 29 percent, but down from 32 percent in March 2017.

"First-time buyers continue to make up an underperforming share of the market because there are simply not enough homes for sale in their price range," said Elizabeth Mendenhall, president of the National Association of Realtors. "Supply conditions improve in higher-up price brackets, which means those trading up should see considerable interest in their home, as well as more listings to choose from during their own search."

Buyers were also facing higher mortgage rates, with the average rate increasing for the sixth month in a row. The typical commitment rate for a 30-year fixed rate loan was 4.44 percent in March, up from 4.33 percent in February and the 2017 average of 3.99 percent to reach its highest point since December 2013.

One in five sales in March went to a buyer who paid in cash, a drop from 24 percent in February and 23 percent in March 2017. Individual investors, who typically account for a large share of all-cash sales, continued to play a smaller role in the market. These buyers made up 15 percent of sales in March, unchanged from the previous month and down from 18 percent in the previous year.

Distressed sales accounted for 4 percent of sales, the same share as February and down from 6 percent in March 2017. Three percent of all existing sales in March were foreclosures, and 1 percent were short sales.

In the Northeast, the annual sales rate of 680,000 was up 6.3 percent from the previous month, but a 9.3 percent year-over-year decrease. The median price for a home sold in March was $270,600, a 3.3 percent increase from the previous year.

The Midwest also had an annual decrease despite improvement from the previous month, with the annual rate of 1.29 million marking a 5.7 percent increase from February and a 1.5 percent decrease from March 2017. Homes sold in the region during the month had a median price of $192,200, up 5.1 percent from the previous year.

In the West and South, the sales rate declined from February but inched up from March 2017. The annual rate of 1.23 million sales in the West was 3.1 percent lower than the previous month, but a 0.8 percent improvement from the previous year. The typical home in the West sold for $377,100.

The South had an annual sales rate of 2.4 million, a year-over-year increase of 0.4 percent despite a decrease of the same amount from February. The median price for a home sold in the region in March rose 5.7 percent to $222,400.