Existing Home Sales Fall In March For 2nd Straight Month, Prices RisePosted by Stephanie Vitacco Thursday, 19 April 2012 10:51 | 0 comments
By: Mark Lieberman, Five Star Institute Economist
Existing-home sales fell to 4.48 million (seasonally adjusted annualized rate) in March from an upwardly revised February rate of 4.60 million, the National Association of Realtors (NAR) reported Thursday. Economists had forecast the March sales pace would be 4.62 million. At the same time, the median price of a new home rose to $163,800, its highest level since last November’s $164,000 and up 2.5 percent since March 2011, the first year-year increase in prices since December 2010.
The sales pace was the weakest since November 2011. Sales have slipped in three of the last four months.
The inventory of homes for sale dropped to 2.37 million, the first decline in three months, bringing the months’ supply of homes on the market to 6.3.
March sales – completed transactions – were down 2.6 percent from February but are up 5.2 percent from March 2011. February’s sales pace was originally reported as 4.59 million
Stephanie has been selling real estate in the San Fernando Valley, Simi Valley and Santa Clarita Valley of both Los Angeles and Ventura County of California for 20+ years. For 2009 and 2010 Stephanie was ranked #3 and #4 for Coldwell Banker in the Nation. She is highly experienced and a tireless worker.