The seasonally adjusted pace of existing-home sales in the U.S. increased 6.1 percent in March to a pace of 5.19 million sales, up from a pace of 4.89 million sales in February and the highest annual pace since September 2013. The current pace is 10.4 percent higher versus the same time last year, the highest year-over-year increase since August 2013.

At the same, the inventory of unsold homes on the market increased 5.3 percent to 2.0 million homes, 2.0 percent higher than at the same time last year.

Existing-home sales in the West increased 6.3 percent to an annual rate of 1.18 million in March, 8.3 percent higher versus one year ago.

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