The National Association of Realtors® is reporting that existing home sales fell slightly during the month on March. The numbers show that existing home sales "...declined 3.0 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008."Interesting ... especially due to the activity in the distressed real estate market (translation: foreclosures, REOs, short sales - read our prior post about Foreclosure Sales Up) Our guess - buyers are tiring of the downside to these distressed sales (read: Washington Post: Foreclosure Sales Stalled by Red Tape and our prior post about Two Real Estate Markets).
And, the report on home prices? NAR says "Although prices rose from February to March, the national median existing-home price for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to March was 4.2 percent, which is much higher than the typical 1.8 percent seasonal increase between those two months. Distressed properties, which accounted for just over half of all transactions in March, typically are selling for 20 percent less than traditional homes."
To read more: NAR existing home sales March
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