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 FEB. 28, 2007
Home Sales Hit 7-Month High
The NAR (National Association of Realtors) reports that January saw a rise in existing home sales that hit the highest level in the past 7 months.

The term total existing homes include single-family, town homes, condominiums, and co-ops. January sales reflected an increase of 3% to a seasonally adjusted annual rate of 6.46 million homes sold. In December of 2006, the rate was reported at 6.27 million homes. Total monthly sales for January came in at 4.5% below the sales in January 2006.
The NAR reports that unusually warm weather in January helped fuel the market along with a positive response from buyers to price correction of the market. They note though that the severe winter weather of February that affected much of the country could result in a negative impact on the market.

Even though the sales trend data is seasonally adjusted, the severe weather events of February have been unusually widespread. Many escrow closings were delayed, and the ability to shop for homes was virtually shut down for nearly a week in worst hit areas. A dip in February numbers should not come as a surprise and a turn around in the following months should be expected.

Supplies of existing homes for sale hit a high of 7.4 months supply in October of 2006. January 2007 saw a drop in inventory levels to a 6.6 month supply. That figure remained steady from December of 2006.

January sales of existing home in the West Coast increased by 5.6% to a yearly pace of 1.32 million units. These numbers reflect a drop of 9.6% from 2006. The average median price of a home was $321,300. this was down 4.6% from last January.

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