Sales of existing single-family homes rose 4% in March on a seasonally adjusted annual basis, signaling a lackluster start to the spring home buying season.
However, on an unadjusted basis, sales of existing units rose an impressive 36% from February to March.
The National Association of Realtors reported Wednesday morning that sales of previously owned single-family homes rose to a seasonally adjusted annual rate of 4.45 million in March from a 4.28 million rate in February.
The adjusted sales figures show single-digit gains in three of the four geographic regions. In the West, sales were unchanged from February to March.
On an unadjusted basis, sale increases ranged from 22% in the Northeast to 43% in the West.
Whether adjusted or unadjusted, the Realtor's sales numbers are down by nearly 7% from a year ago.
NAR chief economist Lawrence Yun once again blamed tight lending standards for holding back the recovery in housing. He pointed out that the average credit score on a Fannie/Freddie loan is 760. For FHA it's slightly lower at 700.
"Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago — before the loose lending practices that created the unprecedented boom and bust cycle," Yun said.
