Some Highlights:

• Existing Home Sales rose to an annual rate of 5.47 million, representing an 11% increase year-over-year.


• Inventory levels remain below the 6-month supply needed for a normal market at a 4.0-month supply.


• Lawrence Yun, NAR's Chief Economist, warns: "The spring buying season is right around the corner and current supply levels aren't even close to what's neededto accommodate the subsequent growth in housing demand."