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US existing-home sales slip in March; supply tight

A for-sale sign stands in front of a home on March 26, 2013, in Miami, Florida
A for-sale sign stands in front of a home on March 26, 2013, in Miami, Florida. US existing-home sales slipped while prices gained in March as the number of homes on the market remained tight amid rising demand, the National Association of Realtors said M

US existing-home sales slipped while prices gained in March as the number of homes on the market remained tight amid rising demand, the National Association of Realtors said Monday.

Sales fell 0.6 percent from February to an annual pace of 4.92 million units, with condominium sales falling more strongly than single family homes, NAR said.

Sales were up 10.3 percent from March 2012.

Home prices jumped from February; the national median stood at $184,300, up $11,100 from February and $19,500 higher than a year earlier.

The supply of homes on the market remained tight at 4.7 months' supply, contributing to price gains.

"Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity," said NAR economist Lawrence Yun.

"In the same timeframe housing inventories have trended much lower, which is continuing to pressure home prices."

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