Home prices edge up in March

Sales of existing homes in Orlando increased and prices rose about 5 percent from February to March, signaling the approaching April 30 deadline for a federal homebuyer tax credit.

Anxious for a recovery in the recessed market, the association noted that closings for March had increased more than 40 percent from a year ago. And it reported that its members filed 4,662 new sales contracts during March, bringing the area's pending sales more than 10,000. 

"The record number of pending sales confirms the strong increase in demand as buyers try to take advantage of the tax credit before the April 30 deadline," said David Botelho of Prudeantial Florida Realty.  "If homebuyers want this tax credit, they must act now."