Tuesday, April 24, 2007

NAR: Existing Home Sales Plunge in March

According to an article in today's NY Times:
Sales of previously owned homes suffered their biggest drop in nearly two decades last month, raising concerns that a rebound in the housing market is still far off.

The National Association of Realtors said today that sales of existing homes, which account for about 80 percent of all home sales, fell 8.4 percent in March. That was the steepest decline since 1989.

At the same time, prices also dropped. The median price of an existing single-family home decreased 0.9 percent last month, to $215,300, compared with the price in the month a year earlier.

Recall that March sales of existing homes in the District were flat, so I guess the District is doing relatively well by comparison.


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