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Sales of previously occupied homes dipped in March from February, according to the National Association of Realtors. Still, sales were 10.3 percent higher than a year earlier. The Realtors' group cited the low supply as a reason sales fell in March. But in a positive sign, the inventory of previously occupied homes increased for the second straight month. That suggests more sellers are confident that the recovery will continue and they can sell at a good price. Low inventories have helped drive more construction of new homes. U.S. homebuilders started work on more than 1 million new houses and apartments in March at a seasonally adjusted annual rate, the first time it had crossed that threshold in nearly five years. That reflected a surge in volatile apartment building. Single-family home construction fell in March after reaching the fastest in nearly five years. Still, a low supply of homes for sale is just one of several constraints that could limit sales. Since the housing bubble burst more than six years ago, banks have imposed tighter credit conditions and required larger down payments. That has made it harder for first-time homebuyers to qualify for the super-low mortgage rates that have resulted from the Federal Reserve's efforts to ease credit.
[Associated
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