According to the NAR, sales of existing homes in March were up 6.8 percent compared to February. If home sales kept up at March's pace for an entire year, the total would come to 5.35 million units.
The continued growth comes after the housing sector experienced tough times in the recession. Lawrence Yun, the NAR's chief economist, said a tax credit from the government has helped stabilized the market.
"This is preserving perhaps $1 trillion in largely middle-class housing wealth that may have been wiped out without the housing stimulus measure," Yun said.
However, the credit for first-time buyers won't be around forever, which may be contributing to an increase in home sales. The incentive for first-time and repeat buyers to acquire a home ends on April 30.
With the credit, new homebuyers may get as much as $8,000, while repeat purchasers could see up to $6,500. However, buyers do have to meet certain financial requirements, including income thresholds.
