Sales of existing homes decreased by 3 percent in March with so-called “distressed sales” accounting for about half of all sales, according to the National Association of Realtors.
The association said sales were closed at an annualized pace of 4.57 million units during March. The association revised its February sales pace down from 4.72 million to 4.71 million units.
About half of all buyers of existing homes in March were first-time homebuyers lured by federal tax credits and other incentives.
Sales are down 7.1 percent in the past year, the association said.
