According to a report published in March by The National Association of REALTORS®, the country saw a 3.9 percent month-over-month increase in sales of previously owned, existing homes. The Northeast led all regions with a 14.2% rise in sales in February, while existing home sales increased 1.6% in the South and 3.9% in the Midwest. Sales of existing homes remained unchanged in the West. The national median home price dropped to $212,800, which is a 1.3% decline from a year earlier.

Sales of new homes fell for the second consecutive month according to a March report by The Commerce Department. Sales of single-family homes fell 3.9 percent in February to a seasonally adjusted annual rate of 848,000 homes, which is the slowest rate in almost seven years. The decline follows another decline in January. Prices also fell in February to a median new-home price of $250,000, down 0.3 percent from a year ago. The inventory of unsold homes reached 546,000 units.

Economists say the difference between new-home sales and existing-home sales could be explained by a number of factors. New home sales are calculated from contracts actually signed in February when the weather was cold, while existing home sales reflect purchase agreements signed in December and early January, when the weather was unseasonably warmer in most parts of the country.