Existing-Home Sales Increase 1% in March

Sales of existing U.S. homes rose 1% in March to the third-highest level on record as an increase in single-family sales offset a dip in sales of condominiums, a trade group said.

Sales of previously owned single-family homes and condos increased to a seasonally adjusted annual rate of 6.89 million units last month, the National Assn. of Realtors said.

The national median home price jumped 11.4% to $195,000 from the same month a year earlier, the association’s report showed.

In California, the median price of an existing, single-family detached home rose 15.7% to $495,400, the California Assn. of Realtors said.