Home Buyers Spring Into Action, With Cash and Caution

Spring home buying season has officially sprung, as buyers reenter the market after a long winter. In the absence of another homebuyer tax credit, however, sales are not as robust as they were a year ago.

Existing home sales, which includes single-family houses, condos, townhouses and co-ops, rose to 5.10 million in March, up from 4.92 million in February, according to the National Association of Realtors. That's a gain of 3.7 percent. Compared with last year, though, when the $8,000 home buyer tax credit was still in effect, sales are 6.3 percent below the 5.44 million units sold in March 2010.