Existing home sales is comprised of single family homes, townhomes, condominiums and co-ops. This figure dropped 3 percent to a seasonally-adjusted annual rate of just over four and one half million units sold throughout the month of March. This number is down from February, when the number was at 4.71 million units, and down just over 7% from the numbers seen in March of last year.
Existing home sales in the West showed a decline of just over 4% to an annual rate of just over 1 million units. This figure is nearly 19% higher than that of March last year. Median price for a home in the West is currently $252,400. This number reflects just over an 11% decline from March of 2008.
Chief economist for the NAR, Lawrence Yun, states that the real estate market appears to have begun stabilizing showing slight monthly ups and downs. First-time buyers are currently driving the market. He also reports that sales of properties in the higher price ranges have stalled largely due to higher interest rates on jumbo loans.
The national median price range for a home is currently $175,000. This price is down just over 12% from last year. Home prices did show an increase of just over 4% from February to March of this year. This increase is much higher than the typical increase of 1.8%. Foreclosures and short-sales made up for over one-half of the sales in March and these properties are typically selling for up to 20% less than prices of traditional home sales.
It is anticipated that a solid, positive impact on home sales should be seen by the summer months, as low interest rates prevail and stimulus plan offerings take full effect.
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