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Existing-home sales spiked 6.1 percent in March, according to a NAFCU Macro Data Flash, with that surge likely due in part to improving weather.

NAFCU Research Assistant Yun Cohen analyzed data from the National Association of Realtors and found that the sales increase affected all four regions, with the Midwest increasing the most at 12.1 percent, and the Northeast decreasing the least at 1.6 percent.

"Total inventory increased 5.3 percent in March compared to February but was not enough to offset the increase in sales, which drove up prices" and lowered the supply of existing homes, Cohen wrote. "The rebound is partially weather-related, as sales were delayed by harsh weather in the previous months. The upcoming interest rate hike may have also urged some home buyers to take action."

"However, the tight supply and lack of first-time homebuyers continue to constrain the housing industry," she continued.

March ended with 4.6 months of available supply, compared to February's 4.7. The median existing-home price increased from a revised $201,900 in February to $212,100, non-seasonally adjusted, in March. Existing-home prices increased 7.8 percent year-over-year – the largest increase since February 2014.

In related news, the Federal Housing Finance Agency announced its monthly House Price Index for February went up 0.7 percent, compared to 0.3 percent in January. The index is calculated from mortgages sold to or guaranteed by government-sponsored enterprises Fannie Mae and Freddie Mac. The March price index is due out next month.