• March existing home sales nationwide posted a larger-than-expected 5.1 percent monthly increase from February, to 5.3 million sales (SAAR), according to the National Association of Realtors.
• The jump comes after a revised 7.3 percent monthly drop in February.
• The median price of U.S. existing homes rose 5.6 percent year-over-year, to $229,500.

March represented a much-needed rebound in existing sales volume after February’s big monthly decline. Inventory of homes for sale also posted a welcome increase, rising 4.1 percent from February, the largest monthly increase since last March and a sign tight inventory may be easing as we head into the spring shopping season. But prices overall, especially for condos favored by many first-time and younger buyers, also are rising fast, which could pose challenges to many buyers going forward. Existing home sales have been very volatile lately, and have failed to string together more than a couple months in a row of increases before stumbling again. We’ll need to see a few more months like this before fully declaring a breakthrough in existing sales volume and shaking the two-steps forward, one-step back routine the market has been stuck in for a while.