Thursday, April 19, 2012

March Existing Home Sales Fell 2.6%

Existing home sales fell to 4.48 million annualized units for the second month this year but remains above the 12-month 4.34 million unit mark. Home sales dropped 2.6% from February but are up 5.2% compared to last year. While the decline in sales was fairly even across the nation, sales in the West fell the most with a smaller decrease in the Northeast and South. As with the national trend, Midwestern sales were flat. Listings also fell this month although that is atypical of the previous two months gain. Both the fall in listings and sales kept the number of months supply constant at 6.3.

Median house prices, for year over year and month to month, have increased by 2.5% and 5.2% respectively after adjustment for seasonal factors. The National Association of Realtors also reported a decreasing share of distressed home sales which may contribute to the median price increase. In the longer term, there is some uncertainty whether the share of distressed home sales will continue to have an upward or downward effect on home prices. The median price of condos also has year over year gain, 7.1%, but larger than the increase in single-family home prices.

Read the report.

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