Sales of previously owned homes were virtually unchanged in March, according to new data from the National Association of Realtors. Existing home sales – which include single-family homes, townhomes, condominiums, and co-ops – were 0.2 percent below February’s rate and 7.5 percent below year-before levels. Lawrence Yun, NAR’s chief economist, said that sales activity is slow by historical standards. There should really be stronger levels of home sales given our population growth, Yun said. Still, Yun believes there will be improvement in the months ahead, due to continued gains in the job market and sales of homes that were delayed over the winter because of harsh weather. Regionally, home sales were up in the Northeast and Midwest but fell in the South and West. Housing inventory – which drives price increases when low – improved in March, with unsold inventory up 3.1 percent from a year ago. There were 1.99 million previously owned homes available for sale at the end of the month. At the current sales rate, that represents a 5.2-month supply, up from a 4.7-month supply one year ago. Also, the median existing-home sales price for all housing types was $198,500. More here.

Pending home sales are a forward-looking indicator of future existing-home sales based on the number of contracts to buy homes that are signed during the month. In February, contract signings slipped 0.8 percent, according to the National Association of Realtors. Lawrence Yun, NAR’s chief economist, said pending home sales have been little changed over the past three months, which indicates the market is stabilizing. Buyer traffic has increased modestly as the spring selling season begins and there is an expectation that some transactions that were delayed due to winter weather will now close. According to Yun, this suggests that the home sales slowdown may now be behind us. Regionally, the report was a mixed bag. Pending sales were up in the Midwest and West, while falling in the Northeast and South. Overall, contract signings are 10.5 percent below year-before levels. More here.

The National Association of Realtors’ Pending Home Sales Index is a forward-looking indicator that tracks contract signings, not closings. The index, which is released monthly, is a predictor of future existing-home sales. In December, the index fell 8.7 percent from November’s downwardly revised total. Lawrence Yun, NAR’s chief economist, said unusually disruptive weather across large stretches of the country forced people indoors and prevented some buyers from looking at homes and making offers. According to Yun, rising home prices and lack of for-sale inventory are also to blame for the poor sales performance in December. Still, existing-home sales are expected to be at about the same level this year as last year, despite the fact that inventory is limited in much of the country. Prices, though still rising, are expected to moderate this year, gaining about 5.4 percent in 2014. More here.