Thursday, April 22, 2010

Existing Home Sales Rise 6.8%; Median Sales Price Up 3.7%

After sliding back heavily over the prior three months, existing homes sales jumped 6.8%in March to an annualized pace of 5.35 million units. Sales had grown quickly last summer, greatly aided by the home buyer tax credit. However, as the effects of the credit wore off, sales fell back down to their earlier levels. In March, existing home sales may be starting to reflect the boost from the extension of the expanded homebuyer tax credit now available to more buyers. However, this credit will likely not have as strong of an effect as the first time. From a year prior, sales were up 16.0%.

With the rise in the pace of sales, the months supply of inventory fell to 8.0 from 8.5. The supply of inventory will have to continue to decline before prices can be certain to have bottomed out. Over the month the median sales price rose 3.7% to $170,700, after trending downward over the few months prior. From a year earlier, prices were up 0.4%.

10.04.22 (Source: National Association of Realtors)

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