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NAR: Existing Homes Sales Increase in Feb., Home Inventory Falls
Published: March 24, 2008
Washington, D.C.--Existing home sales rose for the first time in seven months, according to data released Monday by the National Association of Realtors.
Falling prices helped home sales increase to a 5.03 million annual rate--a 2.9 percent increase from January's unrevised 4.89 million pace, The Wall Street Journal reports.
Year-to-year, sales were down 24 percent, NAR said.
Median home prices also dropped from their February 2007 level--$213,000--to $195,000 last month. The 8.2 percent decline was NAR's largest on record. In January, the median home price was $199,700.
Home inventories fell 3 percent at the end of last month to 4.03 million, a 9.6-month supply. At the end of January, the U.S. had a 10.2-month supply.
