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Existing-Home Sales Up 6.8%

Existing-home sales increased in March with each region of the United States seeing 6% to 7% gains, as buyers react to the home buyer tax credit and favorable affordability conditions in the housing market. Regionally, existing-home sales in the Northeast rose 6% to an annual pace of 890,000 in March and are 25.4% higher than a year ago. In the Midwest, sales rose 7.2% in March to a pace of 1.19 million homes, a 15.5% increase from last year. The South saw a 7.1% increase in sales to a pace of 1.97 million in March, a 13.9% increase over last year. The West saw a 6.6% increase in existing-home sales to 1.30 million in March and are 14.0% over last year's figure. 4/22 HCN