Existing home sales edge down, prices rise

By Qiong (June) Zhang38 Comments


Home resales edged downward in March, a pause in the housing market recovery that has helped boost the economy.

The National Association of Realtors said on Monday that existing home sales edged down 0.6% last month to a seasonally adjusted annual rate of 4.92 million units.

The nation’s inventory of existing homes for sale rose 1.6% during the month to 1.93 million. That represented 4.7 month’s supply at March’s sales pace, up from 4.6 in February.

Nationwide, the median price for a home resale rose to $184,300 in March, up 11.8% from a year earlier, the biggest increase since November 2005. The limited supply of available properties is pushing up home values.

The share of distressed sales, which also include those where the sales price was below the amount owed on the home, accounted for 21% of home resales last month, down from 25% a month earlier. It was the lowest since the NAR began tracking the number in October 2008 as the foreclosure crisis escalated.


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