25
Mar
Existing-Home Sales Up – Home Prices Fall
The National Association of Realtors reported that existing home sales rose 5.1% in February. This was the largest percentage gain since July 2003. Sales of foreclosed properties or short sales accounted for about 45% of transactions last month.
The median sales price dropped 15.5% in the past year to $165,400 — the second-largest year-over-year price decline on record, coming on the heels of January's 17.5% drop. Inventories of unsold homes on the market rose by 5.2% to 3.80 million, equating to a 9.7-month supply at the February sales pace.
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