Homebuyers can take a deep breath, as home inventory is slowly beginning to increase, up 2.36% from February to March, according to data from Realtor.com.

While the inventory is still down 15.22% year-over-year, it is an indicator of more homes on the market for frustrated buyers and a renewed willingness in sellers willing to put their homes up for sale.

A strong sign of the shortage in available homes is the drop in the median age of for-sale listings, down 20.41% from February.

"The newest data shows that the outlook is optimistic for the overall real estate recovery," said Steve Berkowitz, chief executive officer of Move, Inc.

"The housing market is a key indicator for the national economy and things are slowly picking up steam. The next three months will be significant in determining the impact of the recovering housing market," added Berkowitz.