FYI: Existing-home sales, including condo, rose 1.4 percent to 5.62 million in the first quarter, according to the report—the highest since the first quarter of 2007. Existing homes available for sale were down 6.6 percent to 1.83 million at the end of the quarter, with an average supply of 3.7 months.
 
"Last quarter's robust pace of sales was especially impressive considering the affordability sting buyers experienced from higher prices and mortgage rates," says Yun. "High demand is poised to continue heading into the summer as long as job gains continue; however, many metro areas need to see a significant rise in new and existing inventory to meet this demand and cool down price growth."