March homes sales dropped despite a surge in supply. Here's why.

Key Facts

• Tiffany Hagler-Geard | Bloomberg | Getty Images Sales of previously owned homes dropped 4.3% in March compared with February, to a seasonally adjusted annualized rate of 4.19 million units, according to the National Association of Realtors.
• The median price of an existing home sold in March was $393,500, up 4.8% from the year before.
• First-time buyers did make a comeback though, accounting for 32% of sales, up from 26% in February and 28% the year before.
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