Sales of existing homes edge up tiny 0.3 percent in March

The AP reports:

Sales of previously owned homes edged up in March, but the backlog of unsold homes still hit a record high, raising concerns that the once-booming housing market could be in for a rougher landing than expected.

The National Association of Realtors reported Tuesday that sales of existing homes advanced by a tiny 0.3 percent in March compared with February, rising to a seasonally adjusted annual sales rate of 6.92 million units.

The March increase followed a bigger 5.1 percent jump in February, which had been boosted by milder than normal weather this winter. Those gains followed five consecutive monthly declines in sales.

The median price of a new home rose to $218,000 last month, a gain of 7.4 percent from a year ago. That price increase was far slower than the double-digit gains turned in last year as the housing boom was peaking.

Will the record housing inventory turn the housing market?