Existing home sales rose 6.8 percent in March to a seasonally adjusted annual rate of 5.35 million units, up from the revised rate of 5.01 million in February, the highest level since December according to a National Association of Realtors report released Thursday.

Year-over-year sales jumped 16.1 percent as home resales have been above year-ago levels for nine consecutive months.

The median price of homes sold in March was $170,000, up 0.4 percent from last year’s figures.

Distressed properties comprised 35 percent of the houses sold during the month.

Total housing inventory rose 1.5 percent to 3.58 million existing homes for sale. At current sales pace, that is an 8-month supply, down from and 8.5 month supply in February.

Single-family home sales increased 7.3 percent to a seasonally adjusted annual rate of 4.68 million in March from a pace of 4.36 million in February, and were 13.3% above the pace 12 months ago.

Regionally, the Midwest had the largest increase which is up 7.2 percent in March to an annual pace of 1.19 million and was 15.5 percent compared to last year’s level.

In the South, sales increased 7.1 percent to an annual rate of 1.97 million while the West improved 6.6 percent to 1.3 million. The Northeast increased 6 percent to 890,000.