Sales rose in the Northeast and Midwest, suggesting that cold winter weather did not weigh as heavily on sales as in previous months. Freezing temperatures and snowstorms had contributed to lower sales in January and February.
"Sales appear to be stabilizing following earlier weather-related disruptions," Joseph LaVorgna, an economist at Deutsche Bank, said in a note to clients. "We expect sales to improve as we enter the crux of the spring selling season."
LaVorgna noted that the Realtors' group reported more buyer traffic at open houses last month, suggesting that demand is rising.
Still, big price increases in the past year, along with higher mortgage rates, have made it harder for many Americans to afford a home. Pay increases haven't kept up with the higher buying costs.