March existing-home sales ease in pace, NAR reports

After surging at the beginning of the year, existing single-family home sales declined in March but remain at a historically strong level, according to the National Association of Realtors.

Existing-home sales fell 5.6 percent to a seasonally adjusted annual rate of 5.53 million units in March from an upwardly revised pace of 5.86 million units in February. Last month's sales activity was 2 percent above the 5.42-million unit level in March 2002, and was the 11th best month on record.