Existing home sales increased 3.7 percent in March from February’s estimates, according to The National Association of Realtors. And, though sales of previously owned homes were down 6.3 percent from last year’s pace, the homebuyer tax credit led to elevated sales levels from March through June of 2010. Lawrence Yun, NAR’s chief economist, said existing-home sales have risen in six of the past eight months and, he expects, the improving pattern will continue. The NAR also reports that first-time buyers purchased 33 percent of the homes sold in March and total available housing inventory at the end of the month represented an 8.4-month supply. More here and here.