Home sales post increase
Published March 24, 2008 by CSBJ Staff
The Associated Press
WASHINGTON _ After falling for six straight months, sales of existing homes posted an unexpected increase during February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.
The National Association of Realtors said that sales of existing homes rose by 2.9 percent during February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.
The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.
Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California and Florida were seeing significant price declines now as sellers try to attract buyers.
Analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the steep slump in housing will not bottom-out until later this year after prices fall further and allow huge levels of unsold inventories to be reduced.
Filed under CSBJ Daily, Real Estate
Buyers, if you have been on the fence regarding purchasing a home, get off that fence and BUY! Interest rates are low and home prices are the lowest they have been in years.
Sellers, if you can wait until 2009 to sell, WAIT! My gut is telling me that 2008 is showing improvements and 2009 we’ll be back on track.
Call or e-mail me for more information on the housing market.
Pam Palone, Realtor
719-660-6637 Cell/Text
Pam.Palone@yahoo.com
GotAHome.net