According to a report released today by the National Association of Realtors home sales rose considerably in March which could be seen as a sign of a modestly improving economy with an increase in sales of previously occupied homes that has had three straight months of declines.
By looking at the graph you can see that the housing market did benefit and continues to benefit from the government incentives both last November and now as we edge closer to the April 30th deadline.
Purchases soared 6.8 percent to a seasonally adjusted annual rate of 5.35 million in March which was the highest level since December.
Cautious but optimistic economists feel that there will be continued healthy growth in home sales for the next several months. However, a better view of the housing market will emerge after federal tax credits expire April 30th.
Stuart Hoffman, chief economist at PNC Financial Services Group says, "The spring selling season will be a success and probably the most active we're seen in years."